If you’re dreaming up a major renovation or hoping to capture a lower interest rate, it might seem like a good idea to refinance your home. All you need is a local lender you can trust, and you can jump right in, right?
Not so fast. Like many parts of homeownership, the refinancing process isn’t simple. Before you get too excited about a lower monthly mortgage payment for your home in San Francisco, CA or a glossy new kitchen at your home in Washington, DC, it’s important to take these few steps to prepare for a refinance and get your finances in order before meeting with a lender.