Why choose mortgage refinancing?
Refinancing your mortgage could allow you to shorten your loan term, change from a variable rate to a fixed rate or secure a lower mortgage interest rate to reduce your monthly payments.
Mortgage refinancing guidelines
To qualify for most types of mortgage refinancing, you may need:
- Credit score verification
- Income verification
- Home appraisal in some cases
It’s important to determine whether your current mortgage type — fixed-rate, adjustable-rate, FHA, VA, USDA — is still the best fit for your financial situation. And keep in mind that refinancing also involves costs that include application fees, appraisal fees, loan origination fees, title insurance and closing costs that you’ll need to factor into your decision.
How to apply for mortgage refinancing
Applying for a mortgage refinancing is simple with Rate’s Digital Mortgage. Follow these steps.
1. Review your finances
Check your credit score, income, DTI ratio and cash on hand for a down payment.
1. Review your finances
Check your credit score, income, DTI ratio and cash on hand for a down payment.
2. Gather key documents
In most cases, you’ll need to provide income verification, tax returns, asset statements and personal identification.
3. Apply online
Once you submit your application, your Loan Officer will help you from there.
“The Guaranteed Rate Team was very easy to work with! Information was clear and all available through my portal for review at all times. Additionally the team was very responsive to any and all questions we had along the way.”
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