How to refinance
Refinancing Your Mortgage Home Loan
If you're looking to lower your monthly mortgage payment, change your mortgage type, consolidate debt, or make a major purchase, refinancing your mortgage could be a great option.
5 good reasons to refinance your home mortgage
Take these steps to refinance your mortgage
Generally, the process of refinancing a mortgage is the same as buying a home
You'll complete a mortgage application, providing information about your current income and assets along with details on your current mortgage
The lender will obtain a credit report, send you disclosures, including a Loan Estimate, and rate lock agreement, which confirm the terms of your refinance
An underwriter will review your application for approval, and an appraisal and title insurance will be obtained
Remember, there will be closing costs associated with refinancing—typically between 1% to 3% of the amount of the new mortgage. These costs can be paid out of pocket at closing or rolled into the new loan amount if you have enough equity in your home.
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Loans subject to credit approval. Offer subject to change or cancellation without notice. Equal housing lender.