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Find out how to refinance your mortgage with Bank of America’s Digital Mortgage Experience ® What you'll need To apply for a refinance loan, you’ll need to provide your lender with documentation to help verify your employment history, creditworthiness, and overall financial situation.
Refinance your existing mortgage to lower your monthly payments, pay off your loan sooner, or access cash for a large purchase. Use our home value estimator to estimate the current value of your home. See our current refinance rates and compare refinance options.
- Define Your Goals. Common reasons to refinance your home are to lower your interest rate, shorten your loan term, lengthen your loan term or reduce your monthly payment.
- Check Your Credit. You should check your credit with all three major credit bureaus and your credit score with at least one. You can get this information for free from sources such as annualcreditreport.com and credit card issuers.
- Search for Lenders. Before you start applying to refinance your mortgage, research lenders to ensure you’ll be doing business with a reputable institution.
- Get Preapproved. Getting a mortgage preapproval to refinance doesn’t mean you’ll get fully approved. However, if you try multiple lenders and can’t get preapproved with any of them, you might need to improve your credit, increase your income, reduce your debt or build more equity before proceeding.
- Applying
- Locking in Your Interest Rate
- Lock Your Refinance Rate
- Float Your Rate
- Underwriting
- Home Appraisal
- Closing on Your New Loan
The first step of this process is to review the types of refinanceto find the option that works best for you. Whenyou apply to refinance, your lender asks for the same information you gave them or another lender when you bought the home. They’ll look at your income, assets, debt and credit score to determine whether you meet the requirements to ref...
After you get approved, you may be given the option to either lock your interest rate– so it doesn’t change before the loan closes – or to float your rate.
Rate locks last anywhere from 15 to 60 days. The rate lock period depends on a few factors like your location, loan typeand lender. Youmay also get a better rate by opting to lock for a shorter period of time because the lender doesn’t have to hedge against the market for as long. Be warned, though: If your loan doesn’t close before the lock period...
You might also be given the option to float your rate, which means not locking it before proceeding with the loan. This feature may allow you to get a lower rate, but it also puts you at risk of getting a higher mortgage rate. Insome cases, you might be able to get the best of both worlds with a float-down option, but if you’re happy with rates at ...
Once you submit your refinance loan application, your lender begins the underwritingprocess. During underwriting, your mortgage lender verifies your financial information and makes sure that everything you’ve submitted is accurate. Your lender will verify the details of the property, like when you bought your home. This step includes an appraisal t...
Just like when you bought your home, you must get an appraisal before you refinance. Your lender orders the appraisal, the appraiser visits your property, and you receive an estimate of your home’s value. To prepare for the appraisal, you’ll want to make sure your home looks its best. Tidy up and complete any minor repairs to leave a good impressio...
Once underwriting and the home appraisal are complete, it’s time to close your loan. A few days before closing, your lender will send you a document called a Closing Disclosure. That’s where you’ll see all the final numbers for your loan. The closing for a refinance is faster than the closing for a home purchase. The closing is attended by the peop...
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Apply now. Get estimate of costs. Mortgage. Refinance. Home Equity. Refinancing can potentially lower your monthly mortgage payment, pay off your mortgage faster or get cash out for that project you've been planning. Refinance payment calculator. Estimate your monthly payment. Thinking about cash out?
Your refinance application starts here. Start My Refinance. Refinancing may cause finance charges to be higher over the life of the loan. 1 As of May 2023. 2 Based on a Rocket Mortgage market research questionnaire of clients whose loans closed in 2022.