process of refinancing a home

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Refinancing is often used to change your loan from an adjustable to a fixed rate and can be a way to lower your monthly payments or take cash out of your home’s equity. The process of refinancing.

 · Refinancing is when you replace your existing home loan with a new one with another financial institution. This gives you the opportunity to modify your loan to suit your changing lifestyle needs. You might want to save money under a lower rate, shorten the term of your loan or refinance to free up some extra cash to pay for a renovation, a new car or even your kids’ education.

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Some of the disadvantages to refinancing a home are the cost, loan term, equity reductions, owning less of your home when done, and the time it will take.. Be very careful during the process.

I am in the process of refinancing my home. The mortgage company has requested a copy of my social security – Answered by a verified Social Security Expert We use cookies to give you the best possible experience on our website.

7. Don’t open any credit during the refinancing process. As with buying a house,applying for a new credit card or car loan while you’re in the hunt for a new home refinancing loan can lead to problems. "The last time I was trying to accomplish a mortgage refinancing loan I made the huge mistake of opening a $500 credit line at Macy’s," says Norris.

How does a Mortgage Refinance Work? What do I need to know first? There are a number of reasons to consider refinancing your home. Tap your home equity. A cash-out refinance can provide an opportunity for a homeowner to improve on their mortgage terms while also getting access to additional cash. Unlike other types of refinancing, the new loan from a cash-out refinance will be larger than the balance on the.

A mortgage plan for a refinance is just as important as one for a first-time home buyer because you are replacing your current mortgage with a new home loan that usually has different terms. Here’s an easy-to-understand view of the refinancing process. Step 1: Origination. Loan origination is the process of applying for a home loan.