Interest rates are near record lows right now, so our Consumer Warrior Clark Howard says it’s a good time to think about refinancing your loan if you are a homeowner.
Clark says mortgage brokers are seeing a jump in business right now for good reason, and he says for most homeowners it’s pretty simple to refinance.
“You’ll most likely need copies of recent pay stubs and W-2s along with proof of insurance,” Clark says. “After that an appraisal.”
Clark says refinancing your loan is a great way to cut down on your monthly budget.
“The most important thing for you to do when you’re doing a refi, is comparison shop multiple lenders,” Clark says.
He says in general it’s smart to avoid banks and go to a mortgage broker instead.