How Does Refinancing a Home Work?

Where Should You Start?
As a homeowner with an existing mortgage, you may have heard from friends, family, or coworkers who recently refinanced their mortgages and secured a better interest rate, shortened their loan term, or accessed cash from their home equity- all while keeping their monthly payments manageable. These benefits are achievable through refinancing, but is it the right choice for you?

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Refinancing offers both advantages and disadvantages, and it's important to understand these before making any decisions. In this section, we’ll walk you through the refinancing process and explore different programs to help you determine if refinancing aligns with your financial goals.

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To begin refinancing your mortgage, the first step is to consult with one of our mortgage experts. They will guide you through the underwriting process for your new loan, which involves replacing your current mortgage with a fresh one.

While refinancing shares many similarities with the original mortgage application process, it is generally simpler since you already have a mortgage in place. The process includes several key steps:​

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1.) Reviewing Your Payment History: Start by evaluating your payment history on your current mortgage to ensure that it’s in good standing. Lenders will want to see a solid track record of timely payments.

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2.) Checking Your Credit Reports: Pull your credit reports to assess your credit score and history. Your creditworthiness plays a significant role in the interest rate and terms you may qualify for.

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3.) Verifying Income and Employment: You will need to provide documentation of your income and employment status. This is essential for lenders to confirm your ability to repay the loan.

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4.)Home Appraisal: To determine the current market value of your home, an appraisal is typically required. This will help lenders assess the equity in your property and set the terms for the refinance.

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Mortgage Services Coming Soon!

Stay tuned for updates as we work toward offering mortgage assistance to help you navigate the homebuying process. We’ll be here to guide you every step of the way!

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