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.
- What Does It Mean to Refinance a Mortgage?
- How Does My Credit Score Affect Refinancing?
- Is Refinancing Available for FHA, VA, Jumbo, or USDA Loans?
- How Much Equity Do I Need to Have Before Refinancing?
- How Do I Know If I Am Eligible to Refinance My Mortgage?
- What Are Some of the Benefits of Refinancing?
- When Should I Refinance My Mortgage?
- What Are the Disadvantages of Mortgage Refinancing through a Third-Party Mortgage Broker?
- Will Refinancing Lower My PMI?
- What Are the Costs and Fees of Refinancing?
- Should I Refinance If I Only Plan on Living in My Home for a Few More Years?