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The Refinancing Process

Homeowners may refinance for a variety of reasons. It could be in an effort to reduce monthly mortgage payments, finance a home improvement or remodeling project, or save money overall by shortening the loan term and lowering the interest rate. It could also be to change the type of your existing loan to one that better meets your financial needs.

The refinancing process for changing your loan option is most likely similar to what you experienced when you got your mortgage – though it may be quicker and with fewer steps. This overview will guide you through how it works.

If you have more detailed questions, an experienced PHH Mortgage loan consultant is available to help with answers at (800) 210-8849.

Decide Which Option Is Right for You

A good place to start the process is with a side-by-side comparison of different loan terms. For many, seeing the difference in the overall amount of interest paid is immediately striking. An experienced loan consultant is available to help you – just call (800) 210-8849 to begin the process. Your loan consultant will ask you a few questions to see if the numbers add up to enough savings to work in your favor. You'll be asked for your current loan balance, interest rate, principal and interest payment, and the estimated value of your home – so make sure to have those figures ready.

Depending on your results, a variety of options may be available. You can:

  • Change to a different loan type – for example, from an adjustable rate to a fixed rate mortgage.
  • Shorten the term of your loan – say from 30 to 15 years – if you are looking to own your home sooner and save on interest overall.
  • Take advantage of a lower interest rate, if available, to reduce your monthly mortgage payments.

Get Approved

The next step is to contact us to get a refinance loan decision. Get prepared by gathering the information we'll request: proof of income, bank and investment information, and your Social Security number. We'll also ask for permission to get a credit report. Applying is fast and easy – just call (800) 210-8849 to get started now.

Close on Your New Loan

You’ve run the numbers, evaluated your options, asked informed questions and discovered a new type of loan that will help you meet your financial objectives. Now it’s time to close the deal.

Before the closing, we'll arrange for an appraisal of your property and our loan consultant will provide you with an estimate of your closing costs. To get a general idea of the documents you'll need, see our Refinance Checklist.

Once the papers are signed and the fees are paid, you’ll be on your way to lower monthly payments, starting with your first installment.

Get Started Now

Many factors go into refinancing your mortgage with a different type of loan. For a quick review of the steps to take, use our Refinance Checklist and review our Refinancing FAQs.

For more information about the specific refinancing advantages available to you, call one of our experienced PHH Mortgage loan consultants. We’ll help you understand the process every step of the way.

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