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IV. Applying To Refinance



It’s a major financial decision to refinance your mortgage, which is why it’s important that you prepare yourself with proper documents and the right knowledge. Choosing the right lender is also important as it will make refinancing your mortgage go smoothly.

When selecting a lender to handle your refinance there are certain questions you must ask, which include:

It’s imperative that you have someone readily available even outside of business hours, who can answer your questions.

Every lender has their own rates and fees, which tend to vary, but you can browse around to find rates and fees that match your situation. However, you should know that going after the lowest rate doesn’t guarantee the best mortgage experience.

You should look at the feedback from other clients before working with a company because 30 years is a long time to be working with one. This will allow you to pick a company that is a good match for you.

If you’re short on time, the ability to submit documents online makes a world of difference, which is why you should pick a lender that offers you convenience in your mortgage experience.

Closing fast is important. That’s why you should choose a lender that prioritizes your loan.

Preparing your documents before applying is important, as it will help in closing the mortgage quickly. Your mortgage lender will request quite a few things from you, which may include the following:

  • Most recent 2 months of bank statements
  • Your 2 most recent W-2s
  • Your 2 most recent pay stubs

If someone else like your spouse is on the loan with you, they’ll need to provide these documents as well, so that the lender gets a complete picture of your financial situation.

You’ll need to provide a few more documents if you’re self-employed as proof of your income, and some lenders may even ask for your tax returns to look at the exact amount of cash in and cash out.


The standard refinance on a mortgage should cost you around 2% to 3% of the total loan amount, and you may have these costs added into the loan, depending on the mortgage, to reduce upfront costs.

It takes about 30 to 45 days for a standard refinance, but the process can be extended due to various factors. There could be potential delays in the mortgage transaction caused by any third parties that are in the process. Your lender could be working with different third-parties, like inspectors, title companies, and appraisers, for closing the loan and delays may occur as the lender acquires information from them.

The length of your refinance process will also be determined by whether there are any complications in your situation, like mistakes on the credit report, which may hold up the process. The process may also be lengthened by life or financial changes. For instance, opening new lines of credit or changing jobs when the refinance process is underway may create problems for the closing date. Therefore, you must ensure that your lender knows everything about your situation, to ensure there aren’t any delays.

After your mortgage application has been completed, you’ll have the chance to lock your mortgage rate. Mortgage rates change daily and locking the rate will protect you if the rate increases significantly before your loan closes. Most lenders will let you lock the rate for 30, 45, or 60 days, but you’ll be charged a fee if you want to extend the timeframe beyond the agreed timeframe.

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