Things You'll Need:
- Appraisal
- Copies of all documents pertaining to the property
- Credit score copy
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Step 1
Get the property appraised. A valid recent appraisal is important. The value of the property might have increased or fallen since you last took out a loan on it. An appraisal should be thorough. It should not cost much.
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Step 2
Get all the paperwork on the property in order. Make sure you have copies of all current mortgages and title deeds as well a copy of a title search and a list of any liens that have been taken out. If the property is jointly held, you will have to get the second party's signature on all documents.
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Step 3
Check your credit score. A credit score will influence the amount of money you can borrow as well the interest rate you will be charged. You can get a copy of your credit report once a year for free at sources such as Equifax.com. Your credit score might have changed since you last applied for a mortgage.
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Step 4
Shop for quotes. You can get several loan quotes online from websites such as lendingtree.com. This will enable you to compare rates from various banks. Some banks might have more favorable terms than others. Start an Excel file to compare offers.
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Step 5
Apply for loan. Complete all requested paperwork thoroughly. Make sure that every detail asked for is filled in. A bank should be able to provide you with all forms. A lending officer should be able to walk you through the application process.
