Refinance your Mortgage
The process of refinancing your mortgage is a little different from when you bought a home
. Refinancing can be used to lower your payments and interest rate, consolidate debt, or take out equity from your house. There are usually no hard deadlines as with a purchase, so it will be less stressful.
Figure out which mortgage product is right for you. Talk about short and long term goals.
Application and document collection
Fill out a mortgage application as detailed as possible. So there are no assumptions. Collect all the documents needed upfront, so we don't have chase them later in the process.
Pre qualification and documents review
Review all the documents and figure out the mortgage amount you will qualify for.
Submit application to the lender
We submit the application to the lender.
Review lender commitment
Lender will issue a mortgage commitment, we review it to make sure everything is correct and to our liking.
Do an appraisal of the property. Usually required.
Submit all the documents to the lender to satisfy any conditions.
In the meantime lender will send instructions to the lawyer to prepare all the documents needed for closing. They will discharge the old mortgage and register the new one.
Make an appointment with the lawyer to sign all documents and finalize the deal.
This is the breakdown of the mortgage refinancing process. To get started or if you have any questions, call 647-870-7004