| Refinancing A Home Step-By-Step |
Notes |
| 1. |
Compile personal financial data, gather information on your current loan and
evaluate your personal credit report. |
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| 2. |
Determine the current value of your property. |
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| 3. |
Calculate how long you will need to stay in your home to recover refinancing costs. |
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| 4. |
Evaluate your situation and decide if you should refinance. |
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| 5. |
Contact a lender you trust. |
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| 6. |
Select your loan type and term. |
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| 7. |
Submit a loan application and pay the initial fee. |
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| 8. |
Provide recent pay stubs, W2s for prior year, bank statements for the last 2 months
and a copy of the current deed of trust or other document giving the legal property description for
the lender’s review. Depending on the lender, the loan program or the credit strength of the borrower,
some of the listed documentation may not be required — especially if refinancing with your current lender. |
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| 9. |
Confirm the lender has scheduled the property valuation. |
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| 10. |
Work with the mortgage company to order the title policy and select a closing agent. |
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| 11. |
Review current homeowners insurance policy. Make changes, if necessary. |
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| 12. |
Confirm full payment of your current mortgage has been ordered by the company closing your loan. |
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| 13. |
Provide any other information requested and fulfill all requirements. |
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| 14. |
Confirm the closing date and location 1 week in advance. |
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| 15. |
If bringing money to closing, bring certified funds, such as a money order or cashier’s check.
Determine when your next payment is due, when your account will be debited or when your payment book or
statements will arrive. |
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| 16. |
Stop automatic draft on previous loan, if applicable. |
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Selling A Home
Selling A Home
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