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Do you need to refinance your home? There are some important steps you can take to help yourself get the best deal possible when trying to refinance. A bit of planning and preparation will go a long way toward helping you get the best rates and terms possible on your refi loan.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

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Tips to Get a Better Refinance Loan

Tips to Get a Better Refinance Loan
September 30, 2019 - Do you need to refinance your home? There are some important steps you can take to help yourself get the best deal possible when trying to refinance. A bit of planning and preparation will go a long way toward helping you get the best rates and terms possible on your refi loan.

Comparison Shop Your Refinance Lender

If you need an FHA refinance loan that includes cash out, who will offer you the most competitive interest rate? The only way to tell is to try between four and five different financial institutions.

You might prefer to work with the original lender, but that does not mean you can’t get quotes from other institutions to see if your loan officer will match or beat those quotes. You may also find a better deal than the one your current bank is willing to give you; then you’ll have important choices to make.

Interest Rates Are not the Only Issue

What is the benefit if you get lower rates from another lender, but the fees are sky-high? Be sure to check the lender’s fees to see how they measure up to others in your market.

Set Goals for Your Refinance Loan

What do you want to accomplish by refinancing? Do you need a lower monthly payment? Get an idea of exactly how much lower could help you. Are you looking for a fixed-rate mortgage to replace an adjustable rate home loan? That is possible with an FHA refinance loan for both FHA and non-FHA loans.

If you are in need of cash out, decide how much cash back to you at closing time is needed to be worth the effort of the loan. It is also decide how much is too little--should you waste your time refinancing if you won’t get the amount of cash back you are hoping for?

Know When You Have a Disadvantage

Borrowers who have lower credit scores don’t have the luxury of negotiating from the same position of power that someone with strong credit does; lenders may be more willing to haggle with someone with credit scores that guarantee loan approval than with someone who may have a hard time getting approved.

If you have credit issues, work on them before applying for the loan. Come to the home loan process with the best credit you can for maximum bargaining power. You can immediately start working on fixing your credit by taking steps to make on-time payments on all financial obligations every time for at least a year prior to the loan.

If you are worried that your credit scores won’t measure up, call the FHA and HUD at 1-800 CALL FHA to request a referral to a local, HUD-approved housing counselor who can help with advice on getting ready for your new loan.

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