3 Ways to Shorten the Refinance Process in Phoenix Before you apply for refinancing, you should know what you want to accomplish by doing this. Do you change your terms, convert your equity to cash, or lower the interest rate on your current mortgage? Although the process can be time-consuming, there are 3 ways you can shorten it as follows: First and foremost, make sure you qualify – some of the factors that lenders take into consideration are your credit score, your DTI (debt-to-income) ratio, and your home equity. Remember, refinancing means paying closing costs again which could detract from any financial benefit you gain. Have your documents prepared ahead of time – some of the documents the lender will want include 2 of the most recent bank accounts statements, 2 of your most recent pay stubs, 2 of your most recent tax returns, and 2 of your most recent W-2’s or 1099’s. If there is anyone else applying with you, such as your partner or spouse, the lender will need their documentation as well. Prepare for your home appraisal – lenders will normally require an appraisal of your property when refinancing your mortgage. Just like the appraisal that was done when you purchased your home, the refinance appraisal will tell the lender that they won’t be loaning more money out than what your home is actually worth. https://www.google.com/maps?cid=6744959272592205627