Transform Your Home Loan With Refinancing
Ready to refinance?
Let us walk you through the refinance application process and assist you in discovering a loan that aligns with your financial objectives.
Considering your choices?
Compare various loan options and tailor your rate to visualize how refinancing could suit your needs.
Take advantage of lower interest rates
A step by step guide to refinancing your home
Step 1
Define Your Goals
As your home equity grows and your priorities evolve, you may contemplate new financial objectives.
Whether capitalizing on lower interest rates, trimming your monthly payments, or financing a renovation, refinancing can be instrumental in achieving these goals.
Step 2
Evaluate Your Finances
Before refinancing, consider two crucial factors that influence a lender’s decision to approve a home loan. Firstly, your credit score reflects your credit history management and poses a risk level to the lender.
A credit score of 700 or higher may enhance your chances of securing a home loan with a lower rate.
Step 3
Estimate Your Home Equity:
Home equity equals the difference between your home’s appraised value and the balance of your current mortgage.
Greater equity expands your financing options.
Step 4
Understand the Costs of Refinancing
Refinancing involves replacing your existing mortgage with a new one, incurring some of the same costs as your original loan (e.g., application fees).
These costs, comprising about 1 to 4% of the new loan amount, must be considered in your refinance planning.
Step 5
Complete an Application
Similar to your original loan, you’ll need to complete a refinance mortgage application.
During this process, you’ll receive a loan estimate and be required to submit supporting documents to verify your financial information.
Step 6
Close on Your Loan
After receiving final approval for your new loan, you’re set for closing.
Review and sign the paperwork, and settle any associated costs and fees.
Ready to take the next step?