The goal of refinancing your home loan is to help make your monthly mortgage payments more affordable by refinancing to a lower interest rate or from an adjustable-rate into a fixed rate loan.
you have at least 5% equity built up in your home,OR at least 2.5% if you have an FHA loan (How do I know?)
This calculator will help you estimate the current amount of equity you have in your home and help you determine if that percentage may qualify you for refinancing.
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If you do not have enough equity built up in your home, but have been current on your home loan payments for at least the past 6 months, you may still qualify for mortgage refinancing through the Home Affordable Refinance Program.
Call and complete an application. We will send you a welcome package containing important information about refinancing your loan and the costs involved.
If your loan is approved, a settlement date will be scheduled for you, and any co-borrowers, to sign the final loan documents.
Getting started with refinancing begins with a phone call. We will take your financial information over the phone and fill out an application with you.
Having a few important documents ready before you contact us will help us find the refinancing option that is right for you. You will need to gather a set of documents for everyone listed on your home loan. These include:
account balances on all other debts (e.g.: student loans, car loans, etc)
To help you keep track of important deadlines and take notes during the call, please print out this form prior to calling.
If you are already in the process of refinancing your loan, we can help you understand what you need to do next.
After receiving your welcome package, you will need to compare the proposed loan terms to your current loan. If the proposed new principal and interest payment is not an improvement over your existing loan terms, refinancing may not be right for you, unless you are refinancing to obtain a fixed rate to avoid any future monthly payment increases.
From the time of your initial phone call until you receive a decision from us it may take approximately 75 days. We will contact you regularly during this time to update you on your status. You can also check the status of your application online Opens a New Window. at any time. It is important that you continue to make your normal mortgage payments until you sign the loan documents and your refinance takes effect.
If you are experiencing a financial hardship, you may qualify for more affordable payments under the Home Affordable Modification Program.
If your loan is approved, you will go through a closing process, just like when you first bought your home. At the closing, you and any co-borrowers will need to sign a full set of loan documents and pay for closing costs, unless all or some of them were financed into the loan amount.
If you did not qualify for refinancing, you may still be eligible for other home loan assistance solutions that could help make your monthly payments more affordable.
Now that youve got a new monthly payment amount, its a good time to see how it fits in with your other financial obligations. Youll want to make sure that the payment amount is sustainable over the long run - and an updated budget is an effective way to do this.
A realistic budget lets you take a close look at exactly how much money you have coming in, and where its going. Youll be able to see where you may be spending too much and identify specific areas where you may be able to cut back.
Refinancing may make your monthly mortgage payments more affordable by reducing your interest rate, extending your loan repayment period or a combination of both.en_refinance If you choose a fixed-rate mortgage, you will have a stable interest rate for the life of the loan.
Yes, there are costs associated with refinancing. These can include closing costs, points and application fees. We may let you roll these costs into the total mortgage amount to reduce the cash you must bring to closing.
Typically, you can finance up to 95% of the appraised value of your home or 97.5% with an FHA loan, but the amount can vary depending upon your circumstances. The equity you have in your home is based on the value of the home and what you currently owe that is secured by the property.
If you were denied home loan assistance, such as a request for a loan modification, short sale or deed in lieu you may be able to dispute the decision.
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