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Refinancing Process

Refinancing to shorten your mortgage term presents a few potential benefits. You can own your home sooner and reduce the interest costs that you would pay over the life of the loan. But it is also likely to mean higher monthly payments. 

This overview walks through what’s involved, with a focus on the length of your loan. If you have questions, an experienced PHH Mortgage loan consultant is available to help you with answers – just call (800) 210-8849.

Use Numbers to Guide Your Decision

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. You can use a refinance calculator to get a quick visualization and to help determine if now is a good time to refinance. Or 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.

In addition, it might be helpful to compare the benefits of refinancing to other options that may help you achieve your goals. Some use the strategy of paying off a loan early by simply paying more towards their monthly principal payment or making extra payments (in addition to scheduled payments) as an alternative to refinancing.

A key step when considering a change to your repayment period is to check your existing loan: Does it have a penalty for early repayment? How much? It’s possible this could diminish any potential benefits of early payoff, so do your research.

Get Approved

Once you’ve determined that refinancing works for your financial situation, it’s time to apply. Again, having all of your important information readily available can help make the process run more smoothly, so make sure that you have:

  • Proof of income
  • Bank and investment information
  • Social Security number

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

As we work toward your closing, we'll arrange for an appraisal of your property. You’ll receive 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.

Get Started Now

There are many considerations involved in refinancing a mortgage loan to shorten your repayment period. Whether you financed your existing mortgage with us or not, we can guide you through the process of refinancing – and make the experience as smooth as possible.

Get the facts about the refinancing advantages available for you. A PHH Mortgage loan consultant can help you navigate the details and requirements. Call us at (800) 210-8849.

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