If you are behind on your mortgage payments or need to access the equity in your home quickly, you don’t have to sit around waiting for the Virginia refinance loan you need. There are many ways of speeding up the refinance loan process. Here are a few worth trying:
Choose an Online Lender
Though you can sometimes get a speedy refinance through a local bank or mortgage lender, you will have a better chance with an online lender. Online lenders often work in no documentation loans. This means that you and your lender will not have to waste time sending paperwork back and forth through the mail. Some online lenders may also let you skip steps like home appraisals and income verification. The rate you end up paying on the Virginia refinance loan will be a little higher, but you will save money in closing costs, which can average $2,913.
If you are in a hurry, you can control the amount of time it takes to get your loan by having certain documents ready for your lender. Most lenders who deal in Virginia refinance loans will want to see W-2s, pay stubs, income taxes, and current bank information. Try to get these documents together before applying so that they will be easily accessible during the loan process.
Work with a Mortgage Broker
Not shopping around before getting a Virginia refinance loan is nothing short of foolish. If you don’t have time to go from lender to lender to see who has the best deal, you can hire a mortgage broker. Successful brokers work with a large number of lenders and will easily be able to hunt up a good refinance deal for your situation. However, you should be careful when hiring a broker, as broker regulations in Virginia are basically non-existent.