How Do I Refinance My Mortgage?

After you have decided to refinance your mortgage and seek better loan terms, your first step should be to research the type of rates available to you and determine your goals for refinancing.

Researching and investigating refinancing rates generally involve the same methods you used when you took out your original loan. You can look online, consult with loan officers from direct lenders, or even work with a mortgage broker to find the refinancing options that are available to you. You should compare rates and mortgage terms just as you would for a new mortgage.

When preparing to refinance, you should also prepare documentation and information to share with new lenders or your mortgage broker if you have one. This information includes your credit score, the value of your property, proof of income, and proof of employment.

Remember that mortgage loans come with additional fees and costs beyond the interest rates, especially at closing, so it's important to make sure these costs will not overwhelm any savings you might obtain through refinancing.