If you have good credit, have not been outstanding on any of your mortgage payments and do not have a home equity line of credit taken out on your home, you maybe close to winning the equivalent of the mortgage lottery. If the basic criteria is met, you may qualify for a free refinance. Look for lenders who are refinancing mortgages in Chatham, IL for little to no cost to you, the homeowner.
There are major lenders in the industry that are making the three-step mortgage program available to their faithful customers. Have you ever been accidentally late on a credit card payment and all you had to do was call the credit card company and they waived your fee? All they had to do was look back over the history of your purchases and payments, see that you are a valued customer and want to make you happy. If it is easy for a credit card company to waive their fees, imagine what a large lender can do for a home mortgage.
There are other qualifications, and depending on the lender they may vary. For instance, most of the time, to qualify for a no cost refinance for mortgages in Chatham, IL, they must be conventional loans. This program is not available to those with a government loan. Not in all circumstances, but most of the time the home has to be your primary residence and not a rental or second home. You also will not be able to take money out of the loan.
What will happen in a three step process is that lenders like Diamond Residential Mortgage Corp. will have you fill out an application just like you would for any new mortgage or refinancing process; however, after that is when the entire process gets simplified. There is no cost to you for an appraisal, because one is not performed. Typically, there is no debt to income ratio performed because this is more like the equivalent of a no-documentation loan.
Besides basic facts such as verifying employment, current residence and updating your profile, you could be paying a lower mortgage by the end of the month. You should be rewarded if you are a good paying customer, and it never hurts to ask your lender, especially before the rates go up.