Refinance Your Loan
which details information about
yourself and the property
you'll get a loan estimate, so you know
what to expect for your monthly payment,
closing costs, and fees
bank statements, pay stubs, W-2s,
tax returns, and more
home to estimate its market
value (if applicable)
will review your application and paperwork
to give the final go-ahead
Preview e-sign documents and
electronically sign them up to
three days prior to the closing date
Attend your closing and finalize
Refinancing is the process of replacing your mortgage loan with a new one to reduce monthly payments, lower your interest rates, or use equity for extra cash to make large purchases. Sounds like a win-win situation, right? It absolutely can be! Chat with a local mortgage expert in your area to discuss how a refinance could benefit your financial situation.
This option involves taking out a mortgage greater than the remaining balance on your current loan; this allows you to use your equity as a cash advance to put toward home renovations or other expenses. A cash-out refinance is ideal for anyone who has built some equity and is looking to make major home improvements, pay off credit card debt, or make a large purchase.
A rate-and-term allows you to refinance the remaining balance on your current loan, which means you can take advantage of lower interest rates or a shorter term. A rate-and-term refinance is ideal for anyone looking to pay off their mortgage sooner, build equity faster, or save money overall. And really, who wouldn't be interested in that?
Many homeowners wonder if a refinance might be a good decision. It’s really a personal choice but, in general, it may be a swell idea if it can help you save money on your monthly payments or over the length of your loan, and if you plan to stay in the home long enough to recover the closing costs associated with refinancing – referred to as the break-even point.
Been paying the same amount for years? Our refinance calculator can help you determine what your new monthly payment might be.