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| Refinance > Refinancing Series of Articles | REFINANCE |
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Refinancing: Know the Process, and the Closing CostsYou’ve already got a mortgage, so you know what’s involved in getting another one. Right? Yes and no. Refinancing, the process of paying off your existing mortgage with a new one, does involve many of the same steps as your original purchase. But there are some complications and new issues.
15 Year Fixed Rate Jumbo Mortgage Rates for Today The process of refinancing begins with information. Your lender will need to evaluate your eligibility for a refinance. This involves completing a loan application that assesses your financial situation and credit history – a sign of your ability and willingness to repay debt. In addition the application will require information on the property value of your home, based on current market value, as well as the equity in your home.
Information the lender will need as part of or in addition to your loan application:
With much of the information above, fees will be assessed. And that is the most painful and perhaps most overlooked portion of the refinancing process. Most of these fees will be very familiar to you as part of your original mortgage application and closing costs. The refinancing costs you will likely face include:
If you are refinancing with your original lender, some of these fees can be avoided or negotiated. For example, new appraisals are often not necessary. Check with new mortgage lenders on their flexibility on fees. You’ll find many willing to negotiate. Learn more about refinancing with our continuing article series, including the reasons to refinance and types of refinancing, as well as common mistakes and ideal timing.
Related Article: Appraisal Controversy Continues Refinancing: Five Reasons to Rework your Mortgage
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