How to Refinance my Home Loan?

A common question we get asked is, "How to Refinance my Home Loan?"

Refinancing your home loan, a step by step guide

So if you feel prepared to tackle the mortgage refinance process? Here is a quick guide on what to expect.

  • Determine your home loan goals.  Make it a goal to benefit from the refinance such as consolidating debt, using the cash to improve your home by adding value to it, using the savings to improve your financial health.
  • Find out your existing credit score.  If you know what your credit score is, you’ll have a good idea if you qualify for the lowest rates and loan programs.
  • Find out your home’s existing value.  Check your neighborhood comparable values with a site like Zillow, have an idea on what your home is worth.
  • Shop for your best mortgage interest rate. Start by comparing mortgage refinance rates online. You can shop rates online all you want, but know what rates are available before giving permission for your credit report to be checked, to a two-week period to lessen the impact on your credit score inquiries.
  • Know your closing costs. A home loan refinance can incurs closing costs, make sure that your broker or lender will clearly give you an idea on what the final closing costs will look like.  
  • Gather pre-qualification paperwork.  Make sure you have your bank statements, pay stubs, and any additional assets that will help you secure the best deal.
  • Lock your mortgage rate.  Once you have a rate that sounds good, make sure you lock your rate because the market can change within a day. 
  • Find a loan officer that communicates.  Make sure you are dealing with a loan officer that is honest, transparent and not pushy. They should keep you in the loop at every step of the way. Make sure that you are not rushed and have all your questions answered.

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