Process of Refinancing a House
- 1). Contact several lenders to get an idea of what each can offer you. By calling or going to the bank and giving your basic information, such as income level and amount of the loan to refinance, you can get banks to make you an offer of what interest rate and points -- fees for the loan -- each would charge you.
- 2). Choose the bank that gives you the best deal to refinance your home. Call that bank, or go directly to the bank branch to start the refinancing process.
- 3). Provide the bank with the information necessary to officially begin the loan process. For this, you will need to fill out a loan application and provide proof of income. You may also have to give references, tax returns and permission for the bank to contact your current employer.
- 4). Schedule an appointment with an appraiser. In some cases, the bank may require that a home appraiser come to your home to provide an official value of your home. This will determine how much you can refinance your home.
- 5). Read the final loan documents thoroughly before signing once the loan has been approved. You may go to the bank or the bank may send a notary to your residence to complete this final step. If you do not understand any part of the loan, ask questions and only sign the refinance loan documents if you are completely satisfied with the terms of the loan.
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