Refinance Mortgage Guide

Our Refinance Mortgage Guide is a complete series of articles covering in depth the whole process of refinancing a mortgage

Refinance Mortgage Guide

What is the mortgage refinancing process?

The mortgage process of a home loan is widely overlooked in the decision in selecting a mortgage lender. Every borrower has their own set of circumstances that can prolong or expedite the loan processing. So if you have a friend that closed in 2 weeks but another that closed in 6 weeks, you may wonder why the difference? You really cannot compare with others since again, every situation can be different.


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What are mortgage refinancing closing costs?

Refinance related fees normally include: Application fees, appraisal fees, title insurance fees, origination fees, discount point fees, attorney fees, flood certification fees, and recording fees.

Find out what the lenders closing costs will be to determine whether refinancing will be worth it. Get it in writing by requesting a Loan Estimate (LE) from the lender. These costs can be reduced for a streamline refinance.


What are current mortgage refinance rates?

The ultimate question you want answered is what are the current mortgage rates? You should be aware that interest rates can change at any time even during the course of one day. If you have already selected a home loan lender and like the rate they are offering, then ask them about rate lock options. Make sure, if you plan on doing a mortgage rate lock agreement, that you get that in writing from your loan officer and lender. And verify that the rate and program you want is still in effect. Again rates can change even hourly.


Determine reasons and goals for considering refinancing

Determining your reasons for refinancing will help guide you to a home loan lender who is best suited for the goals you wish to accomplish. And speaking with an experienced loan officer that understands your financial profile and goals, may translate into additional benefits you have not considered.


Gather your refinance documentation needed for faster approval

A little effort can go a long ways for a faster approval. Locate your home purchase package that you received at the closing. This will contain some helpful paper work for your lender. You may be eligible for a credit by providing your current Title Insurance policy,

Lenders can vary on what they require, especially once they have evaluated all your information. You may be eligible for a streamline refinance which would speed up the process and reduce the documentation required. But by having the financial documentation put together, you should be covered for any mortgage lender.


Review scenarios & numbers with a mortgage refinance calculator

Some homeowners enjoy crunching numbers and exploring scenarios themselves. Yet others prefer to have a loan officer do this for them.


Shop & compare home loan refinance lenders

Just like you would shop for a good Realtor that will have your best interest at heart, the same is true shopping and comparing lenders. It really is simple if you go with the basics: Communication, honestly, written proposals, researching them online, reviews, referrals and testimonials. Ask the loan officer for 3 referrals from their past customers. Instincts work well for most people in decision making and selecting a lender loan officer, but some are good actors.