Requirements, Costs and Time Involved for Refinancing
Because refinancing involves many of the same steps that you followed to get your current mortgage, you may already know what to expect. You may, however, face a few additional steps and different types of expenses.
Similar to the traditional mortgage process, a lender will require you to complete a loan application. The application assesses your financial situation, credit history, the property value, the amount of equity in your home and other data.
The lender will require
- Verification of employment and income.
- Information about debts and assets.
- Account numbers and balances for savings, checking and other financial accounts.
- A title search.
- A copy of the site survey.
- An appraisal (in some cases an exterior-appraisal only).
- Information about your present mortgage will also be required, such
as
- Current monthly payment.
- Outstanding mortgage balance.
- Status of property tax and insurance payments.
- The lender's contact information (if you're not refinancing through your original lender).
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