Is it time to refinance?

There are many situations where the answer could be yes. If you find yourself agreeing with any of the points below, reach out to us and we'll review your current mortgage with you and go over your options.

  • You want to pay off your mortgage earlier. If you switch from a 30-year to a 15-year mortgage, you'll save thousands of dollars that you would have paid in interest. (Note that your monthly payment will go up as you'll be paying bigger pieces of the mortgage every month.)
  • You need money for another goal. From home improvements to college to paying off debt, you can draw out some of your equity in your home to spend on other things.
  • Interest rates have dropped. When rates go down considerably, it's often wise to refinance so you can reduce your monthly payment and the cost of your loan.
  • You want to switch from an adjustable to a fixed rate. Adjustable interest rates can rise without warning, but locking in at a fixed rate can reduce the chance of your mortgage payment going up.
  • Your credit score has gone up. If your score has gone up, great job! You may now qualify for a better interest rate that can save you significant amounts of money.

Think it's time to refinance? Review our checklist below to gather your information. Then apply online; we'll be in touch once we receive your application.


Mortgage Refinancing Checklist 

To help you get your mortgage approval as quickly as possible, be prepared to gather the following items. If you have any questions about what to provide, your loan officer will be happy to explain. 

  • Copy of your homeowner's insurance declarations page and a copy of the title from your current home
  • Paycheck stubs for the most recent 30-day period or a signed 30-day printout from your employer(s)
  • Current Proof of Income Letter from Social Security if applicable (If you do not have a recent letter, you can request one online by visiting Social Security Online Services or by contacting your local Social Security Office)
  • W-2s and 1099s from all employers for the past 2 years (including unemployment compensation if applicable)
  • If you are self-employed, commissioned, a driver, in sales or have rental property, please provide complete tax returns for the past 2 years and a year-to-date profit & loss statement
  • Copy of valid driver's licenses or state ID cards for all borrowers
  • Divorce/child support papers and 1-year Friend of the Court payment history
  • Account numbers, balances, and payment amounts for all open debt
  • Copy of 2 months' bank statements or a 90-day printout that is stamped and signed by the bank(s)
  • Copy of the most recent statement for any asset accounts you have (401k, IRA, life insurance, etc.)
  • VA Mortgages only: your DD214 and Certificate of Eligibility
  • Bankruptcy paperwork (all schedules and addendums) and Discharge Notice (if applicable)

Ask us anything.

It’s okay to have questions about buying a home, but it’s even better to have the answers. Here are some of the explanations for common questions we hear from buyers like you.

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