As your financial life evolves, you may need to rebalance your debt and asset allocations -or- you might want to make Real Estate a part of your investment portfolio. Here are a few examples of what you may be facing when thinking about refinancing your Tucson home loan:
- Purchasing a new residence, investment/rental property or vacation home
- Refinancing the mortgage on an existing property to improve your cash flow by: reducing monthly payments, consolidating debts, paying off credit cards or auto loans.
- Finance home improvements
- Starting a new business
- Paying for a college education or advanced degree>
- Accessing equity in a property so it can be invested elsewhere
Things to Consider
The most import item to consider before starting the Tucson mortgage refinancing process is: WHAT GOAL are you trying to accomplish – Need to access to cash? Want to reduce your monthly payments? Need to eliminate/consolidate debt? Want to generate capital appreciation? Considering something unique?? Knowing your goal will help your mortgage professional to help YOU with Tucson mortgage refinancing! Some details you should be prepared to discuss are:
- What do you think the subject property is REALLY worth –and- how did you arrive at that $?
- What are the current balance, rate & terms (payment, years, etc.) of any recorded liens on the property?
- Breakdown of all current sources of income and levels of debt?
- What is your time horizon to achieve your goals?
- Have you collected your financial documents including 2 years tax returns, 2 paycheck stubs, 2 bank statements, declaration of insurance, mortgage statements and other relevant documents?
- Will you be adding/deleting/partnering with others in meeting your goal?