I need to reduce my home equity loan interest. What should I do?
I work full-time as a nurse, my credit score is 580.
Answers | 1
It's best to go prepared with your most recent loan statement, showing your current balance, payment and interest rate. Also it helps to bring your last 2 years of tax returns, your last 2 pay stubs (or any other income statement that you want considered for repayment of the new loan), and your homeowners insurance declarations page. Any other documents of importance (such as a trust, will, etc.) that have to do with the property if it's not just your traditional mortgage/homeowner situation you should bring as well, just to save trips.
If you bring those documents, give the professional about half an hour of application time, and the underwriters maybe a solid week or two, and the whole process could be taken care of between a pair of your current payments.