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About Shopping for Home Equity Loans
How to Get a Home Loan With Bad Credit
About Home Equity Loans for People With Bad Credit
About Home Equity Loans & Rental Property
About Home Equity Loans & Taxes
About Home Equity Loans
About Home Equity Loans for Mobile Homes
About Home Equity Loans for Disabled People
What Is Equity Valuation?
How to Stop Home Foreclosure
How to Stop Mobile Home Foreclosure
How to Apply for a Loan
What Happens When You Refinance Your Home?
Refinancing Your Home
What License Is Needed to Be a Loan Officer?
About Loans for People in Foreclosure
How Long Does Foreclosure Stay on Your Credit?
Types of Bank Loans
How to Invest Home Equity in Stocks
How to Obtain Funds With a Home Equity Line of Credit
What Are the Repayment Terms for a Home Equity Line of Credit?
What Is a Foreclosure Sale?
About Incentives for First-Time Home Buyers
What Is Foreclosure?
Credit Scores Needed for Home Mortgage
About Government Loans for First-Time Home Buyers
When refinancing a home, fill out an application, provide income documentation, have the home appraised, a… More
When refinancing a home make sure the interest rate is at least one percentage point less than the current… More
Refinancing is a way to take the remaining loan balance and have it recalculated at a lower rate so that y… More
Refinancing a home can seem like an overwhelming endeavor, but the many benefits it brings can very well o… More
The most primary reason to refinance is that the mortgage payment under the new mortgage would have a lowe… More
Refinancing a home has both positive and negative consequences. Doing so to lock in a lower rate is a smar… More
There are two basic ways to go when choosing a lender to refinance a mortgage, including going directly to… More
The process of refinancing your home loan can be relatively simple if you have stellar credit and ample eq… More
Usually when a person refinances an equity line of credit, they combine it with a new first mortgage refin… More
If you have equity in your home, you may be able to refinance and get money back to make repairs, pay for … More
If you want to obtain a lower interest rate or borrow money from your equity, a mortgage refinance is the … More
Refinancing a first and second mortgage together is a simple process that is quite similar to a first mort… More
A mortgage refinance creates a new home loan. This is ideal for anyone who wants to change the terms of th… More
Do you need to reduce your mortgage payments? Is your interest-only or adjustable rate mortgage about to c… More
Summary: When refinancing a home, fill out an application, provide income documentation, have the home appraised, and wait for the bank to approve or reject the refinancing loan. Learn how closing costs are generally rolled in to a refinancing loan with information from a mortgage broker in this free video on home loans.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
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"Hi, my name is Matt McKillen, I'm with Innovative Financial group. The question posed to me is what happens when you refinance your home loan? First off, the process is very similar to when you purchased your home, you fill out a loan application with a bank or a mortgage broker, they pull your credit, then at that point, what their going to do is ask you to provide income documentation, that's usually the last thirty days worth of pay stubs, maybe the last two years W-2's, if you're salaried, or if you're self employed, maybe the last two prior years of your tax returns, all pages. At that point, if the income checks out, what will happen is the lender or the broker will coordinate a new appraisal on your home, so they will send an appraiser back out to your house, just like when you purchased your home, to get a better idea of what the actual market value of the property is, based on sales in your neighborhood the last three to six months. Once they receive that appraisal back, they submit everything into an underwriter, for the funding bank, the underwriter will sign off on everything and if the loan's approved, you will then go to closing at generally a title company and they'll take the new loan, pay your old loan off, if you're taking cash out, you'll receive a check for the difference, and nine times out of ten, they'll roll all of your closing costs into the new mortgage. So, that's basically the steps to refinancing your home, it's very similar to when you purchased your home. I think the key factor that they're more concerned with though, on a refinance is what is your home worth now? Again, my name is Matt McKillen, and I'm with Innovative Financial Group."
eHow Article: What Happens When You Refinance Your Home?
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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