Things You'll Need:
- Mortgage application
- Application fee
- Equity in property
- Suitable credit history
- Proof of income
- Prior year income taxes
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Step 1
Fill out a mortgage application to refinance your home at a local financial institution, enter your information over the Internet or telephone a lending professional. Be sure to let the lender know that you want to pay off your current mortgage and get cash back when refinancing.
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Step 2
Collect and submit all documents required by your lender for the mortgage application. Documents may include previous years' income tax forms, W-2s, paycheck stubs, proof of child support or other documents substantiating income. Lenders run a credit history and may require you to take care of, or explain, negative entries in your credit file.
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Step 3
Pay the loan application fee to the financial institution and sign the typed disclosure prepared by the lender. This document will be submitted to the underwriters with the home appraisal for loan approval.
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Step 4
Schedule your home appraisal with the appraiser chosen by the lending institution. The appraiser should call you to schedule within two weeks of application.
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Step 5
Arrive at your scheduled closing on time. Closings usually take place at a local title company. You should receive a check for your cash back from your financial institution at this closing.
