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Working with your lender

Your lender will be your primary point of contact throughout your refinance – from conducting a cost-benefit analysis to closing your loan.


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.

  1. You’ll work with your lender to complete your loan application and will need to gather the following information:
    • At least one month of paystubs
    • Two years of W-2s
    • Statements from all bank and investment accounts
    • Most recent tax returns
    • Proof of any supplemental income
    • A copy of your homeowners insurance policy
    • Most recent mortgage statement
  2. Your lender will submit your information for approval, using the “Four Cs,” Housing Expense Ratio and Debt-to-Income Ratio to assess your eligibility.
  3. Within three days of completing your application, your lender will send you disclosure statements that include the terms of your loan, all estimated costs, your APR and payment schedule.
  4. If your loan is approved, your lender will schedule an appraisal to determine the current market value of the home.
  5. Your loan will proceed to the underwriting stage when your documentation is double checked – ensuring it's complete and accurate.
  6. You'll proceed to closing and can expect a very similar experience from closing on your original loan.

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

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Mortgage Worksheet

As you interview lenders, this will help you identify the best lender and mortgage option for you.

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Step-by-Step Mortgage Guide

Understand the mortgage process, from application to closing.

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Calculator: Am I Better off Refinancing?

Find out if you'll benefit from refinancing.

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Closing your loan