The Refinancing Process
Homeowners typically refinance their mortgages with a specific goal in mind, ranging from reducing monthly mortgage payments to financing a long-awaited home project. You may also want to refinance to save money overall by shortening the term of your loan and lowering your interest rate.
This overview will walk you through what’s involved in refinancing a mortgage loan, with a focus on reducing your interest rate.
Start with Numbers to Guide Your Decision
An experienced PHH Mortgage 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.
If you see the potential to save with a lower rate, it may be time to take action.
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 also 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 Refinance
Prior to closing, we’ll arrange for an appraisal of your property. We'll give you a list of the documents you will need, which will vary based on your location and loan program. Our Refinance Checklist also gives you a general idea of the documents to bring along. Our loan consultant will also provide you with an estimated settlement statement, which approximates the closing costs to expect.
Get Started Now
Our PHH Mortgage loan consultant will help you understand the entire process of refinancing to lower your rate. As always, we'll be with you every step of the way.
To learn more, see our Refinancing FAQs, and for a quick review of the steps to take, use our refinance checklist. If you have more questions or would like to discuss refinancing with an experienced loan consultant, call (800) 210-8849.