Having a situation where money problems are involved will always be a hassle. This is because the pressure to find the cash is tremendous, and its not like money grows on trees. What makes it worst if there are deadlines to meet. This is what happens with a mortgage, and this is why hundred, if not thousands of Americans are applying for refinance. Ergo, in New York, refinance has become a nightmare to work on.
Of course, it isn’t always the case. It depends on who you get to handle your New York refinance plan. If you get someone with very little experience and network, it is possible that your paperwork gets buried under a pile of other refinance application forms.
To avoid the delay in having your New York refinance approved, you must make sure you meet all the requirements, and are ready to submit any papers that will be asked from you like your current credit score report, home mortgage files, and proof of income.
You should also try to find the best possible broker or broker company to work on your application. Many times it is best to go to your original mortgage lender since they are already familiar with your history and home loan. If this is not possible, you can find online brokers or websites that recommend reputable brokers. It is very important to make sure that the broker you get has the credentials and the papers to prove his credentials.
It would be a shame to lose your house because the broker you hired failed to get your New York refinance approved on time.
With so many applications being filed everyday because of the low interest rates, you can also help your application along by following it up every day if you have to. It won’t take 5 minutes of your time and your broker will work on your application just to get you off his back. But, whatever works, right?
The problem that you need to understand is that there is a time bomb waiting to explode, and that is because you may end up defaulting on your original mortgage. Time is of the essence. For as long as you are not approved for your New York refinance, you will have to honor your original mortgage obligations. If you are struggling with the payments, then the sooner you get approved, the better it will be for you.