For more information or to speak with a Financial Education Specialist, please contact us at FinancialEducationAFB@afbank.com.
Thinking about refinancing your home? Here’s what to do:
1. Determine what kind of mortgage refinance you want to do.
We offer several options when it comes to refinancing your mortgage. What’s best for you depends on your goals. Your loan advisor will take a few minutes to understand your situation and recommend the best option.
- 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.
It is always a good practice to prequalify. This will help to quickly narrow down the best loan option. Prequalification lets you know exactly which refinance option will 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.
Your loan advisor will help you navigate the entire refinance process from start to finish. As the closing date approaches, your loan advisor will work with everyone involved to schedule the closing appointment. Prior to the closing date, your loan advisor will contact you to review all of the loan details.