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Mortgage Refinancing Made Easy

You have decided to re-finance your current home mortgage. You want a lower rate, to take out equity or to get cash out. So what do you need to do now?

Be prepared. Mortgage refinancing is structured. It is more so today than when you got your current loan.

If you have not already done so, get a copy of your credit report. Inaccurate marks on the report can lower you credit score, which can increase the interest rate and affect the Loan to Value (LTV) you may be able to obtain when mortgage refinancing. Correct the mistakes on this report if you find any. You will be asked to explain, in writing, adverse marks on the report.

Gather up your employment record information. You will need last years W-2 and current pay stub with a year to date (YTD) summary of your income. If you have changed jobs in the last two years, be prepared to explain why and account for any time during which you did not have a job.

If you are self employed, have ready the last two years tax returns, with all schedules. The same goes for your spouse if they are employed and are going to be part of the new mortgage loan after the mortgage refinancing.

Find a mortgage broker or banker with whom you feel comfortable. Ask your friends and relatives for help.

Take the employment information to your initial meeting with the loan broker. You will be required to complete a loan application, pay a fee for a three bureau credit report and for an appraisal as part of the mortgage refinancing. The loan originator should be able to provide you with a Good Faith Estimate (GFE) and Truth in Lending (TIL). These forms will tell you, within parameters, what the new interest rate should be and the costs you pay for your mortgage refinancing.

If there are no issues with the employment information or the property, the loan officer will submit the loan request to a lender or to an underwriter.

With a conditional approval a few days later, the appraisal will be requested.

When your mortgage refinancing has been completed you will be asked to sign the new loan documents. Where and how differ depend on where you live. After signing, you have three days to change your mind. If your do not, the mortgage refinancing is completed and the new mortgage loan goes into affect.

For Free information and tips from Ashton Field on all aspects of home finance and mortgage refinancing why not visit


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