What's a Refinance?

A mortgage refinance is the process of replacing your existing home loan with a new one, usually to achieve better terms.

What are the benefits?

Refinancing your home can help you improve your financial situation in a number of ways, including:

  • Reducing your interest rate can lower monthly payments and save money over the life of the loan.
  • You can shorten or lengthen your mortgage term, which can affect monthly payments and total interest paid.
  • A cash-out refinance allows you to borrow against your home’s equity for renovations, debt consolidation, or other needs.
  • Switching loan types, for example, moving from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more stability.
  • Converting multiple mortgages into one mortgage.
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Refinancing & your credit

Your credit score is just one factor in qualifying for a refinance, but it plays a key role in determining your approved loan amount and interest rate. Here are some tips to keep in mind before meeting with us to begin the process.

Check Your Credit

You can access a free credit report once per year at www.annualcreditreport.com. To view your FICO credit score, visit myfico.com for a small fee.

Verify Accuracy

Review your credit report carefully and dispute any inaccuracies with the credit bureaus. Keep in mind that disputes in progress may delay loan approval.

Pay Down Debt

Paying down balances on your credit accounts before applying for a loan may help you qualify for a lower interest rate.

Set up Payment Plans

If needed, contact your creditors to arrange a manageable payment plan for any delinquent accounts before applying for a loan. Choose a plan that won’t significantly impact your debt-to-income ratio but will demonstrate to lenders that you are committed to repaying your debts.

What to do, and what not to do, when refinancing your home:

Do's

  • Do thoroughly complete your application
  • Do respond promptly to questions and requests
  • Do disclose all of your loans and credit
  • Do make yourself available as your closing date approaches

Don't

  • Don't co-sign on a loan or lease for anyone
  • Don't make major purchases like vehicles, appliances, or furniture
  • Don't move money around or make large deposits in your bank accounts
  • Don't use large amounts of cash or untraceable money
  • Don't make a career change, become self-employed, quit, or retire
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