Not sure whether you need to refinance your mortgage? To help you make a decision, follow our guide to make sure you’re considering all the important factors.
Define Your Goals
Consider your goals for refinancing your mortgage and what factors are important to you in the process. These factors may include, reducing the term of your loan, converting your adjustable rate mortgage to a fixed rate mortgage, or taking cash out.
Choose the Loan Program
With the help of a loan officer, you can find the mortgage loan that fits your goals. Once you’ve chosen a loan, you can get started on the loan application.
Appraisal and Processing
The appraisal of your home will often influence the amount of loan you are eligible for. Make sure you have all the necessary documents, such as income and asset statements.
Close on Your Loan
Your closing attorney or title company will pay off any existing liens on your home. Refinances typically allow a 3 day rescission period, then your new mortgage is closed.