Planning to Refinance
For any type of refinance your primary contact will be your lender, although other professionals – such as real estate appraisers and mortgage underwriters – will play important roles. Learn more about who’ll be involved in your transaction and why.
When you meet with your lender to apply for a refinance, you’ll need to provide quite a lot of personal information, just as you did for your home purchase. These documents, including your W-2s, bank statements, and tax returns, will allow your lender to determine your eligibility.
When you purchased your home, you reviewed and signed many documents prior to and at closing. When you refinance your mortgage, you’ll be required to do the same as this is a new loan with new rates and terms. Take some time to review these documents again and refresh your knowledge.
Refinancing your mortgage can save you hundreds of dollars per month, but before you dive in, it’s important that you’re aware of all associated costs. You’ll want to work closely with your lender to do a cost-benefit analysis and determine whether refinancing makes financial sense for you.