Speed Up Your Mortgage Refinancing

Once you decide to refinance, keep in mind that you could wind up paying more interest on your mortgage each and every month for the next 30 years just because your application was stuck in the pile with all the others.

So as more and more people refinance, we want to show you how you can put your refinancing application at the top of the pile instead of waiting four or five days (like everyone else) just to get a lender to return your call.

There is certain information your lender will need to process your refinancing application. Package this information into a "refinancing resumé" the same way you would package a job resumé if you were interviewing for a job. Here's what to include:

• Address of the home being refinanced
• Outstanding debt on consumer loans
• Social Security numbers for all owners
• Information about your current mortgage
• Last year’s W-2s
• Home insurance payment information
• Property tax information from last year
• Most recent appraisal of the property
• Pay stubs for the past two months
• Banking and brokerage statements

Put all this information together with a cover letter that says, "I wish to refinance my mortgage. Enclosed is a detailed listing of the information needed to begin processing this request. Should you require any additional information regarding this refinancing application, please call or fax me at the numbers provided. I look forward to a speedy refinancing."

Now fax or express-mail your cover letter and "refinancing resumé" to the lender. You may need to provide more information to the lender as they process your application. But at least you've gotten started.

Over the life of your loan, you could save thousands of dollars in interest by refinancing now. Beat the rush and pocket the money.

For more on mortgages, click on any of the links below:

• How to Negotiate the Best Mortgage
• Mortgage Meltdown
• Smart Ways to Make a Down Payment on Your House

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