When you refinance your existing mortgage, you are essentially paying off the existing mortgage debt and replacing it with a new loan. Many of the same costs are involved in refinancing a loan as are involved in first-time financing.
To start with, your lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets, including your existing mortgage.
In order to expedite the paperwork process, start gathering the following items:
What costs are involved?
There are no-cost and low-cost refinance loans available, and some or all of the fees and closing costs may be waived with these types of loans. This is a brief rundown of the fees that could be associated with a refinance loan:
Just as you encountered in your original loan, your lender will be required to provide you with a Good Faith Estimate (GFE) that outlines the fees associated with your new mortgage loan. Let us help you evaluate your personal situation and assist you in finding the loan program that works best to meet your long-term goals.
Be sure to download our Clear Path to a Better Mortgage for a detailed breakdown of the Apex Home Loan process for refinancing your mortgage.
Please be aware: by refinancing your existing mortgage, your total finance charges may be higher over the life of the loan.
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