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Preparing to Refinance Questions
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This is a good question to ask Realtors because they deal with mortgage companies all the time. 99% of them will tell you to use a local bank. You will probably get a better deal and you are guaranteed to get better service.I recommend not paying off any debt until you speak to a reputable Lender who runs your credit and can give you guidance on how to best allocate your money.Best,Zac
The only way to know for sure is to talk to a loan officer licensed in your state and have them run the numbers.If you do not qualify because your debt to income ratio is too high, then you may have to pay off debt to get approved for the loan.If this is your primary residence, the bank does not have a "reserve requirement" so it would not be necessary to have cash in the bank. The best way to refi is to get several quotes and research the companies online (Better Business Bureau, Zillow reviews, etc...) Most people don't trust the companies they find online and prefer face to face dealings. However from my experience, many of the online lenders have the best rates, lowest fees, and still provide excellent customer service.You can search for lenders here on Zillow or go to bankrate com
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