You can refinance your mortgage through your existing lender or a new lender – this is your home loan and you have choices.
It’s highly recommended that you meet and complete a Loan Estimate with more than one lender to find the loan that’s best for you. This will allow you to compare the total costs, the Annual Percentage Rate and the Total Interest Percentage offered by each lender. By shopping around, you’ll be more comfortable and confident with your decision.
Once you select your lender and lock down your loan type and terms, you’ll work with them in the same way you did throughout your original purchase, including completion of the Uniform Residential Loan Application.
If it’s been some time since your home purchase, here’s a refresher on the application process and what you can expect.
The entire process typically takes 30 – 45 days. Being prepared and responsive to your lender's communications and questions can definitely help shorten the process.
Tools and Resources
As you interview lenders, this will help you identify the best lender and mortgage option for you.
Step-by-Step Mortgage Guide
Understand the mortgage process, from application to closing.
Calculator: Am I Better off Refinancing?
Find out if you'll benefit from refinancing.