The refinancing process typically involves the following steps:
- Get pre–approved for a new mortgage: This will give you an idea of the interest rates and loan terms you qualify for.
- Compare loan offers from multiple lenders: Be sure to compare interest rates, fees, and other loan terms to find the best deal.
- Lock in your interest rate: Once you’ve found a loan you’re happy with, lock in your interest rate to protect yourself from rising rates.
- Submit your loan application: The lender will need to verify your income, assets, and credit history.
- Close on your new mortgage: Once your loan is approved, you’ll need to sign the closing documents and pay any closing costs.
Is refinancing right for me?
Refinancing can be a smart financial move for many homeowners, but it’s not always the right decision. Consider your individual financial situation and goals before deciding whether or not to refinance. If you have any questions or concerns, be sure to speak with a qualified mortgage professional.
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