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Mortgage Refinancing Checklist

1-minute read
January 22, 2021

Purchasing a home is one of the most impactful life decisions you can make. However, as circumstances change, so do available interest rates. If your home is perfect, but your mortgage rate isn’t, it may be time to refinance with a local independent mortgage broker.

Refinancing allows you to replace your current home loan with a new one that’s a better fit for your goals and budget. It can be a great option for homeowners who want to lower their monthly payment, reduce their interest rate, or turn built-up equity into liquid cash. Refinancing also works well for people who want to pay off their loan faster, replace an adjustable-rate mortgage with a fixed rate, or remove a co-borrower.

No matter your financial goals, knowing how to refinance your mortgage can help you seize an opportunity to put yourself in a better situation. Often people rush to refinance when mortgage rates drop, but it’s important to take stock of your circumstances and ambitions before making a decision.

Knowing your credit score, how much equity you have in your home, and how long you plan to stay can help you determine if the time is right.

Wondering how to refinance your mortgage? Use this mortgage refinancing checklist to keep the approval process on track.

Remember, refinancing your mortgage requires an approval process similar to the one you completed to purchase your home. Partnering with your local mortgage broker means you’ll have an expert by your side from start to finish.

Find a mortgage broker near you today.