There’s no age limit when it comes to getting or refinancing a mortgage. Seniors have every right to fair and equal treatment from lenders.
In this article, we’ll look at how you can take advantage of low-interest rates and refinance your mortgage loan to possibly save hundreds of dollars a month.
Compare and Shop Around
Call several mortgage lenders to shop around for the lowest rates and fees. You don’t need to refinance with your current lender – you can apply to your lender of choice.
Your lender will usually ask you for documentation that proves your income. This can include statements detailing your Social Security benefits, tax returns, and any statements from your retirement accounts.
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Living on a fixed income can make it more difficult to qualify for a refinance. Lenders need to know that you have enough money to cover your monthly payments. They also need to know that if you run into financial hardship, you have enough in savings to continue making your payments.
Increase your Chances of Approval
Make sure you maximize your chances of approval before you apply for your refinance or new loan. For both processes, you’ll want to make sure you include all eligible income on your application. If you’re refinancing, you can take a few more steps to give yourself a better chance of getting approved.
- Start with your current lender: You may have an increased chance of getting a refinance with your current lender since they will already know the details of your loan
- Include all your income: Maximize your chances of getting approved by including all streams of income with your application.
- Maximize your appraisal value: During an appraisal, an appraiser will tour your property and give you an estimate of how much your home is worth. Maximizing your appraisal value can increase your chances of qualifying for a refinance.