Refinance Guide

What is Refinance?

Refinancing is the process of replacing your existing mortgage with a new one. This can be a great way to lower your interest rate, reduce your monthly payments, or access cash for home improvements.

Refinance Checklist:

• Assess your current mortgage: Determine your interest rate, remaining balance, and loan term.
• Calculate potential savings: Use a refinance calculator to estimate your monthly savings.
• Check your credit score: A good credit score can help you qualify for lower interest rates.
• Gather necessary documents: Prepare your income, tax returns, and property information.
• Determine your home’s value: Get a home appraisal to determine current value.
• Compare Options: Review various loan types for the best rates and terms.
• Apply for a refinance: Submit your application and provide the required documentation.
• Lock in interest rate: Secure your interest rate for the terms you select.
• Go through underwriting: We evaluate your finances, creditworthiness, and property to determine eligibility.
• Close on your refinance: Once approved, finalize the loan process and receive your new mortgage.

Refinance Eligibility Requirements:

• Homeownership: You must own a home.
• Equity: You typically need to have equity in your home.
• Credit score: A good credit score is often required.
• Income: You must have a stable income to qualify for a mortgage.

Why Refinance:

• Lower interest rates: Save money on your monthly mortgage payments.
• Reduce your loan term: Pay off your mortgage faster.
• Access cash: Use your home equity for home improvements or other expenses.
• Consolidate debt: Combine multiple debts into a single loan.

Refinancing may be the way to meet many of your goals. Review personalized loan options and advantages available through a refinance with PHH Mortgage by calling a Loan Officer today Call 1-800-451-1895.