Why would I refinance my home loan?
- Lower your monthly payments by increasing your term
- Reduce the total amount of interest you pay for the home with a shorter loan term
- Eliminate FHA mortgage insurance by refinancing into a conventional loan
- Use your home’s equity to take cash out
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A quick rundown of the process to refinance your home loan
Step 1: Get pre-qualified by calling 405.606.1055. The application takes about 10 minutes and you'll have a decision within 48 hours.
Step 2: Quickly return all requested documents and discuss when to lock in your rate. The sooner you get us the paperwork the sooner we can get started.
Step 3: Processing of appraisal, title, flood and other miscellaneous documents. This typically takes 2 - 3 weeks.
Step 4: Preparing for closing takes about a week.
- Review your closing disclosure documents 3 days prior to closing
- Unless you are rolling closing costs into your loan, a certified check or wire transfer is needed
- If married, your spouse is required to be at closing even if they are not on the loan
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Do
- Calculate and understand your breakeven point.
- Inquire about locking your rate. The rate on the day you started may be different than the day of closing.
- Organize your financial documents and set aside money for closing costs.
- Be realistic regarding the value of your home.
Don’t
- Don’t be afraid to ask questions! You should feel comfortable with the process.
- Don’t let errors on your credit report prevent you from getting the best rates.
- Don’t open any new lines of credit or shop for a new car until your refinance is complete.
- Don’t stall the process by failing to provide requested documents.
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What kind of documents will I need to provide?
- Current paystubs to include the last 30 days
- Current bank statements to include 30 days
- Last 2 years of W-2s
- Signed copies of your last 2 years of Federal tax returns with all schedules
- $550 deposit for appraisal
This list is not comprehensive and can grow quickly depending on your personal situation.
Still have questions? Read our FAQs