Mortgage Refinance

4 Steps to Refinance Your Mortgage

1. Submit an Application 

The first step is to apply for a refinacing option that works best for you. Here are some common refinancing options to consider: 

Rate and term refinance: This refinancing option allows you to change the interest rate or loan terms of your current mortgage. You may want to choose a lower interest rate to save money or a shorter term to accelerate paying off your mortgage.

Cash-out refinance: This refinancing option means taking out a new loan of a larger amount and receiving the difference between the two loan amounts in cash. You can use this cash toward home improvements, paying off debt or purchasing a big-ticket item.

2. Lock Your Rate

To secure your rate, contact your loan officer who can help in locking the rate for your refinance loan. You can also take advantage of our Rate Reduction Option, which allows you to relock at a lower rate should mortgage rates decrease after your initial lock, for a fee.

3. Home Appraisal

To confirm the value of your home, we may ask for an appraisal. To ensure the process is stress-free, we'll handle the ordering and help you prepare for it.

4. Closing

The closing for a refinance is typically faster than the closing for a home purchase. At closing, you’ll go over the loan details and sign your loan documents. If you’re doing a cash-out refinance, you’ll receive the funds after closing.