Metro Brokers Financial

Steps to Refinancing

Homeowners who want to refinance will go through a process similar to your original mortgage process. Here are the basic steps to expect.

  1. Determine how much you owe – Look at your mortgage statement and find out how much you paid for your home and how much you still owe.
  2. Contact a reputable mortgage company – Call a loan officer from a reputable company to discuss what you hope to accomplish (i.e. getting cash back, lower your mortgage payments, consolidating debt). Be prepared to discuss how much you still owe on your home, any liens or second mortgages you may have on the home, your credit, how much you make, the length of the mortgage and interest rates.
  3. Fill out an application – Until you fill out a formal application, it’s hard for a mortgage company to give you a great deal of information.
  4. Don’t make big financial moves – It’s very important to not making any big financial moves until after you’ve closed (i.e., purchasing any big-ticket items like cars or furniture, applying for more credit cards, taking out more loans, etc.). The law requires your credit to be pulled twice during this process – once to determine if you qualify, and once again just before closing to ensure no changes have been made to your credit. If any big credit moves have been made, this could affect your interest rates, points, your closing date or maybe even your ability to qualify for the refinance.
  5. Document your assets – You will need to provide basic documents, such as paystubs, bank statements, retirement accounts, etc. However, you may need to provide more documentation later. If requested, please be sure to submit these items right away to ensure the refinance and closing date is not delayed.
  6. Appraisal will be ordered – The mortgage company will require an appraisal on the property and order it on your behalf. Be sure to allow time for this to be done. Note: Mortgage companies can only order an appraisal. They can’t speak with the actual appraiser about how they came to their findings…it is against the law.
  7. Final closing date set – At this point the final closing date will be set.

Fill out our online application to start the process or contact a Metro Brokers Financial mortgage consultant today at 404.847.2525.

Metro Brokers Financial, Inc., 5775-D Glenridge Drive, Suite 200, Atlanta, Ga. 30328 A Georgia Residential Mortgage Licensee # 5892. NMLSR Unique Identifier # 163853. 404-847-2525