Step need to consider before refinance

When you go for the refinance of mortgage debt you need to consider some basic point which helps you a lot.

Refinance is the best option when the market interest rate reduces, but refinance will increase your total payment period and affect your retirement investment plan, so its better you can first discuss with the existing mortgage bank that with the change circumstances what the benefits you can get from them. Some time the bank change there policy to protect there existing customer and increase there market share.

You need to produce the entire clearance certificate to the refinance bank, so check all the current due of your bill credit card debt and EMI amount.

When you go for the refinance check the interest rate policy is it foxed rate of fluctuating of fixed for starting years after that it fixed.

Prepare the entire essential document like bank statement, income statement and NOC of the existing mortgage issuer