When it comes to refinancing your home, it helps to know the steps you will have to accomplish in order to get your home refinanced. Understanding what you will have to do can prepare you to help streamline the process, and make it go more quickly and smoothly.

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This guide covers the topic of how to refinance a mortgage in nine simple steps. There are many reasons for refinancing a mortgage – the most common being interest rate reduction, lowering payments, converting adjustable loans to fixed loans, cashing out home equity, payoff acceleration and dropping mortgage insurance coverage.

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You may be thinking about refinancing your home loan. Before you jump in, it’s helpful to understand how the process works. By learning the mechanics of refinancing a mortgage, you’ll be better prepared to navigate the various steps and ultimately identify the best loan option for your unique situation. Clarify why you want to refinance.

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You can start the prequalification or preapproval process as soon as you begin to think about a refinancing home. You can start the refi process before being ready to lock in a rate. Application. Once you decide to proceed with refinancing, you will need to start an application with the lender. With a refinance, once you have provided the 6 points of information that define an application per CFPB, the lender will be required to send a Loan Estimate (this replaced the Good Faith Estimate in.

If a refinance of your mortgage seems like the right decision for you, it is important to know the steps of the process. Deciding to refinance – A little research or a conversation with a mortgage specialist may help you decide if a mortgage refinance is right for you. Although refinancing almost certainly will come with fees of a few thousand dollars, this upfront cost should be made up in less than a year if the monthly payments are less than you’re currently paying.