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Common Refinance Mortgage Questions
“Lend Me Money” stands out as a premium marketplace that hosts some of the best options for mortgage lending. We have a huge array of lender choices for clients to select and compare between. Thanks to LMM, no one will ever be overcharged for mortgage refinancing. From our selection of the best refinance mortgage lenders, you can compare pricing, down payments, installment plans, interest rates, and more. Choose the plan from any service provider feasible for your needs and budget.
Our easy-to-use system and multiple affiliate providers make it simple for clients to refinance their mortgages. The multiple options allow clients to find the right service provider for their needs and budgets. LMM does not lend money but lets you choose from the best lenders available on the market. This helps mortgage clients find the right option for a home refinance, save money, and, sometimes, make more money.
There are no eligibility criteria for using Lend Me Money. However, there will be criteria set by our affiliate lenders or mortgage service providers. The criteria vary from service to service and may typically be related to credit scores, age, and type of mortgage. When you choose one of our affiliate service providers, you can enquire about their criteria on their websites.
To consider factors such as the following:
- Installment plans
- Annual interest rate
- Company reputation
- Reviews from previous clients
- Service fees
- Service process
- Customer service
Luckily for our clients, all these factors are comparable on our platform. You can check these factors side by side to choose your ideal mortgage refinance loan provider.
Besides the basic need of having a previous mortgage to refinance, here are some important requirements listed below:
- The good standing of the current plan
- The current plan may need to be seasoned (Past it’s Waiting Period)
- Sufficient home equity
- A decent credit score
- Low DIT (debt-to-income)
- Enough cast to close
You need the following documents to refinance your mortgage:
- Loan Application
- Proof of Identify
- Proof of income
- Play Slips
- Tax Returns
- W-2 Form
- Proof of Assets
- Home Owners Insurance
The financial refinancing process is simple to understand and easy to leverage:
- Keep your current mortgage in good standing. That means clearing all dues till the refinancing date.
- Keep paying the installments till the waiting period ends.
- Now, find low-cost refinance mortgage lenders to apply for refinancing.
- Once the mortgage is approved, use the loan to completely pay off your previous mortgage early.
- Now, you are left with a new mortgage that offers you lower interest rates.
Mortgage is a service, and you should treat it like one. Lend Me Money allows you to shop around for your mortgage refinance online and compare multiple lenders side by side. If you have a current mortgage, then you can compare their benefits and features with the options we provide on our website. If you find another lender that offers you better rates, then you should definitely switch.
A credit score of 360 is often necessary for applying for a mortgage. However, requirements may vary depending on the service providers. The credit score is a helpful factor for the clients, as lenders often offer lower interest rates to clients who have a higher credit score.
If you don’t have a plan for refinancing, then yes, it will be risky for you. Even when you have lower interest rates, you may have to end the new mortgage in a shorter time, thus larger installments in shorter periods. Therefore, ensure you consult your financial advisor before you apply for a bank refinance.
