Refinancing your home mortgage can be an exciting event, as it typically means you’re that much closer to saving thousands and will lead to financial freedom. But what are the steps you need to take, and what documentation is necessary to begin your journey to refinancing?
Take a look at this guide to refinancing, then be sure to contact Mortgage Advisor to find your perfect mortgage refi match.
One: What type of refinance loan do you need?
Are you looking to refinance to get a lower interest rate? Are you looking to take cash out to pay off debts or renovate your home? Asking what type of loan you need is the first step in finding the perfect mortgage refinance match.
Two: Fill out an application for a loan that’s right for you.
Once you’ve determined what type of loan you need, it’s time to simply fill out an application.
Three: Determine what documentation you need, and gather it together for your lender.
Like when you applied for your first mortgage, you will need some documentation to provide to the lender you applied for to confirm your identity and debt-to-income ration. Some of the paperwork you will need for your refinance mortgage will include your past pay stubs, homeowners insurance, tax forms such as your W2s and 1099s, title insurance, your credit report, and a statement of both your assets and debts.
Four: Lock in your rate!
Once you have decided upon a loan, and have gotten approved, you new rate will be locked in. Congratulations! Make sure you have a clear understanding of what your new loan entails, such as how much your new mortgage payment will be as well as extraneous fees like bank, appraisal, and attorney fees as well as you title insurance.
Call Mortgage Advisor today or fill out a form here so a mortgage expert can help you start your refinance journey!