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Refinance

  

Refinance Checklist

Refinancing a mortgage involves many of the same steps you encountered when you purchased your home, plus there may be a few new steps involved – if you’re consolidating your home loan with other debts, for instance. To help you navigate the refinancing process, we’ve prepared this checklist of what’s involved.

For more information, or to get your refinancing process started, call an experienced PHH Mortgage loan consultant at (800) 451-1895.

Define your goals

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Is your goal to  lower your monthly payments?1
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Is your goal to get cash or to consolidate debts?

We can help you define your goals and identify which financing option suits your needs. Give an experienced loan consultant a call at (800) 451-1895.

Determine how much you still owe

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What is the payoff amount on your existing mortgage?
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Does your current lender charge any fees or penalties for prepayment?

Run the numbers — see if refinancing is a good move

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Use a refinance calculator to determine if refinancing is a good financial decision for you.

Complete necessary information

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The specific documents you will need vary depending on your location and loan program, but generally, have available: proof of income, home insurance, and title insurance; copies of your W-2 form; and information about your assets.
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Have a copy of the deed to your home and a copy of your title policy at hand.
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If you're applying for a cash out refinance loan, provide the lender with a letter stating how you intend to use the money.
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Request a payoff statement from your current lender that includes the daily interest rate. You may need this prior to closing.
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Contact your title company to discover what documents they need. That may include documents from your current lender, your municipality and others. In some states, a survey is required and must be given to the title company in advance of closing.

Have home insurance coverage and a paid receipt for your lender

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A paid one-year policy for hazard insurance is required.
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The policy should cover at least the amount of the mortgage.
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We become the named mortgagee on your policy.

Know your rights

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During the three-day right of rescission period, you may cancel the loan for any reason.

Refinancing may be the way to meet many of your financial goals. Get the facts about the specific refinancing advantages available for you. A PHH Mortgage loan consultant can help you navigate the details and requirements. Call (800) 451-1895.


1 By refinancing your existing loan, your total finance charge may be higher over the life of the loan.

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