- Review Your Finances
Make sure you understand all your current financial obligations so you can confidently plan for a refinance. Remember to consider things like your current equity, your mortgage rate, and your credit score.
- Weigh the Pros and Cons
If you’re planning on refinancing your loan, carefully consider if this is the right move for you. For example, you need to make sure that the savings you could get from refinancing your loan exceed the costs associated with closing on your refinance.Â One of our lending agents can help you determine if you can benefit from a refinance.
- Gather the Documents
We all know the importance of paperwork. You may have to provide documents such as bank statements, paystubs, W2 forms, and tax returns to document your financial history. The more you collect ahead of time, the smoother the application process will be.
- Apply for a Refinance
There are many types of refinancing options in the market. One of our lending agents can help you review what’s available to you so you can decide what steps to take next.
During closing your lender will fund your new loan and your closing agent will fulfill your existing loan. Shortly after, your new mortgage will come into effect.