Mortgage Refinance
Refinancing your home loan may lower your monthly payments, reduce your total financing amount, put the equity from your home to good use or add or remove a borrower from the loan.
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.
Benefits of Refinancing
If you choose to refinance your mortgage, you will replace your existing mortgage with a new one – with a new rate and term.
We can also help you with...
Home Equity Line of Credit (HELOC)
As life changes and your needs shift, use the equity in your home to finance your next goal. Maybe you’re considering a home improvement, buying a new vehicle or consolidating debt. Whatever your project or plans, a home equity line of credit can get you closer to achieving them.
Learn More about home equity lines of credit
Loans are subject to credit and property approval, bank underwriting guidelines, and may not be available in all states. Other loan programs and pricing may be available. Certain conditions, terms, and restrictions may apply based on the loan program selected. The term of the loan may vary based upon program chosen. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required.
Your Trusted Mortgage Loan Officer
Whether you are buying your first home or moving into a new home, we will be there to guide you every step of the way.
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