How To Refinance A Home Mortgage

/How To Refinance A Home Mortgage

To refinance your home loan, there are basically three steps that you will take.

  1.  Assess:  With your lender, assess if refinancing your mortgage is the right decision for you at this time.  Then assess which program is best for you.
  2.  Apply:   Complete the mortgage application.  Gather together the documents required by your lender and his underwriters.  Submit them to your lender.
  3.  Appraise:  Your lender may require an appraisal of your home to ensure that it will cover the amount of the home loan.  He will arrange this for you.

Completing the Refinance Process

Once the mortgage application has been approved and the appraisal has been accepted, your lender will schedule a closing date.  On the date of closing, you will sign new mortgage documents.  Shortly thereafter, the existing mortgage will be paid-off and retired and payments on your new mortgage will begin.

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2017-10-17T19:36:24+00:00September 3rd, 2014|

About the Author:

A native Phoenician serving Arizona Homeowners with over 15 years lending experience and currently the Vice President and Partner of Signature Home Loans LLC. Eddie has been a mortgage broker since January 2003.

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