So you have a home, and you are considering refinancing. Here’s what you should do:

1. Determine what kind of mortgage refinance you want to do.

When it comes to refinancing your mortgage, there are several options, and what’s best for you will depend on your goals and situation. That’s why your loan advisor will take a few minutes to understand your goals and situation, then recommend the options that may work best for you. Common options for refinancing include:

  • Change Rates and Terms, which allows you to explore different combinations of rates and terms in order to manage your payoff horizon or payment amount.
  • Cash Out Refinance, which allows you to “take cash out” and use the equity in your home to use for other purposes, like home improvements, investing, college savings, etc.).

2. Prequalify.

Even when refinancing, it’s always best to prequalify. With this information, you will more quickly be able to narrow down the loan option that will best help you reach your goal.

3. Complete the full application.

Once you decide on the refinancing option that’s best for you, your loan advisor will guide you through the loan process’s remaining steps. They may ask you to provide some additional information and documentation so we can fully approve your application. They will also coordinate the appraisal and any other steps involved in the underwriting process.

4. Close the loan.

Working with everyone involved, your loan advisor will schedule the closing appointment and will contact you to review all the final details. They will help guide you through the entire refinancing process, so you will never be left without someone to help you.