Refinance your home
Interest rates have dropped. This could be a good time to consider refinancing your current mortgage into a new one with a lower rate. You may want to refinance if:
- Interest rates are lower than when you first bought. When you refinance the balance on your loan at a lower rate, you can reduce your monthly payment and the total cost of your loan.
- You want to pay off your home faster. Shorter terms mean lower rates. Changing from a 30-year loan to a 15-year loan will raise your monthly payment, but over the span of your loan, you can save thousands of dollars.
- You want cash for something else. If you have equity in your home, you can leverage it to pay for home improvements, pay off debt, or create a cash cushion.
- You want a fixed rate. If your current mortgage has an adjustable interest rate, you may want to lock in at a fixed rate to reduce the risk of paying more if rates go up.
- You want to remove mortgage insurance. If you purchased your home with less than 20% down, you're probably paying private mortgage insurance. Refinancing will help you eliminate the extra expense if you've paid down your mortgage balance to 80% of the home’s original appraised value.
- Your credit score has improved. If your credit score has gone up substantially from when you took out the loan, you may qualify for a better rate.
Use our refinancing checklist below to help you pull your information together. Then apply online, and someone from our team will reach out to walk you through the process.
* Not all borrowers will qualify. Contact us for more information on fees and terms.
* Total finance charges may be higher over the life of the loan.
Mortgage Refinancing Checklist
To help you get your mortgage approval as quickly as possible, be prepared to gather the following items. Got questions? Your loan officer will be happy to explain.
- Copy of your homeowner's insurance declarations page and a copy of the title from your current home
- Paycheck stubs for the most recent 30-day period or a signed 30-day printout from your employer(s)
- Current Proof of Income Letter from Social Security if applicable (If you do not have a recent letter, you can request one online by visiting Social Security Online Services or by contacting your local Social Security Office)
- W-2s and 1099s from all employers for the past 2 years (including unemployment compensation if applicable)
- If you are self-employed, commissioned, a driver, in sales or have rental property: provide complete tax returns for the past 2 years and a year-to-date profit & loss statement
- Copy of valid driver's licenses or state ID cards for all borrowers
- Divorce/child support papers and 1-year Friend of the Court payment history
- Account numbers, balances, and payment amounts for all open debt
- Copy of 2 months bank statements or a 90-day printout that is stamped and signed by the bank(s)
- Copy of the most recent statement for any asset accounts you have (401k, IRA, life insurance, etc.)
- VA Mortgages only: your DD214 and Certificate of Eligibility
- Bankruptcy paperwork (all schedules and addendums) and Discharge Notice (if applicable)
