I have another post in which I describe what borrowers are the best match for this particular mortgage payment solution. I suggest you make sure you are a good fit for refinance help to lower your payment before you move forward.
Below I have created a list of nine steps to take in order to refinance and lower your monthly mortgage payment.
Steps to Refinance and Lower Your Mortgage Payment
- Create monthly budget.
- Write hardship letter.
- Income and tax documents.
- Call your lender.
- Ask about refinancing options for distressed borrowers.
- Complete financial package that they request.
- Submit financial package.
- Follow up to make sure they received it and ask when to expect a reply.
- Wait for approval.