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Refinancing Your Home in Washington DC

Refinancing Your Home in Washington DC

When refinancing your home in Washington DC you should follow these steps:

1.   Get an idea of what your Washington DC home is worth.  Email or call us and ask for the recent sales comparables that are similar to your home.  This should give you an idea of what your home is worth so you can decide if refinancing is worth exploring. 

2.  Contact a lender.  Contact a lender to see what they can offer you.  Give them all of your info and ask them what rate they can provide for refinancing your home in Washington DC.  Rates recently have been as low as 3.5% for a 30 year fixed and even lower for 15 year loans.  Ask them to provide you with a Good Faith Estimate (GFE) so you know what your closing costs look like.  A lot of times you can roll these costs right into the loan so you don't have to come out of pocket.

3.  Shop the rate.  Call 2 other lenders and ask them what rate they could provide you.  Compare rates and call the one with the best deal (rate and costs).

4.  Prepare the home for appraisal.  Get the home looking as good as possible.  Paint, clean, landscape, remove clutter, etc.  You should get the following items ready for the appraiser: 1-Print outs of all the comparable sales.  2-List of recent upgrades and repairs you have made to your Washington DC home.  3-Floor plan of your home. 

5.  Butter up the appraiser.  This is the most important out of all the steps.  Make sure you are on time to let the appraiser in and that you take good care of them.  They are the ones that will set the new value for what your home is worth. 

I hope this was informative.  If you have any questions or need comparables please call me at 301-204-0808 or send me an email. 

2 Responses to "Refinancing Your Home in Washington DC"

Marcia Triunfol wrote: I am the sole owner of a SFR in Takoma Park, DC since 2004 when my late husband passed away. In 2007 I moved back to Brazil, where I am from and where I have been living since then. I have a well-established company in Brazil since 2008. Here is my question: I would like to refinance my mortgage to get a better rate (mine is a 6. something). Can I get a new mortgage using income that is made overseas? I have all kinds of official proofs of my income and my monthly average income is something around 10K US$. I do not need to get any money back from the house. The house is appraised for approximately $400,000 and my mortgage balance is around $ 280,000. Please let me know if this is something feasible. If yes I can call you so we can discuss the issue further.
Thanks
Marcia
Ben Puchalski wrote: Hey Marcia-I will have Rob from Prospect Mortgage follow up with you and answer any questions you have about refinancing your home in Takoma Park. It is well worth looking into due to the low rates. I just had a client refinance into a 15 year at 2.7%. The market is doing very well in Takoma Park DC so you should have no problems with the value when getting the appraisal done. If I can help with anything please don't hesitate to email or call. Have a great day and best of luck with your refinance! Ben

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