The Refinancing Process
Refinancing a mortgage can present a number of potential benefits and, in some cases, reduce your monthly mortgage payments.
This overview will walk you through what’s involved in refinancing a mortgage loan, with a focus on lowering your monthly payments. If you have questions, an experienced PHH Mortgage loan consultant is available to help you with answers – just call (800) 210-8849.
Decide if Refinancing Is Right for You
Your loan consultant will help you determine if now is an appropriate time for you to refinance. You'll simply answer a few questions about your current loan and the new loan you are considering, and we'll calculate your potential savings. You’ll be asked for your present loan balance, interest rate, principal and interest payment, and the estimated value of your home – so be sure to have those figures ready. Also think about other cost factors to add in, such as loan origination and appraisal costs.
In addition, it might be helpful to compare the benefits of refinancing to other options that may help you achieve your goals.
Once you’ve determined that refinancing works for your financial situation, it’s time to apply. Again, having all of your important information at your fingertips can help make the process run more smoothly, so make sure that you have:
- Proof of income
- Bank and investment information
- Social Security number
Additionally, you will be asked for permission to run your credit report. Again, submitting complete, accurate and legible documentation helps to speed the process – and we can help keep you on track. For more information, or to get your refinance process started, call an experienced PHH Mortgage loan consultant at (800) 210-8849.
Close on Your Mortgage Refinance
Before the closing, we'll arrange for an appraisal of your property. Our loan consultant will provide you with a list of the documents to bring to the closing, as well as an estimate of any closing costs. To get a general idea of the documents you'll need, read the 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
There are many considerations involved in refinancing a mortgage loan to lower your monthly payments. Get the facts about the specific refinancing advantages available for you. Our PHH Mortgage loan consultant can help you navigate the details and requirements. Call us at (800) 210-8849.