If mortgage rates have dropped since you got your original loan, refinancing to a lower interest rate can lead to significant savings over the life of your loan. Even a small change in the rate can make a big difference.
To apply for a loan, you will have to provide the lender with detailed documentation of your financial history. The lender will request a credit report from a credit agency and will verify the information provided in your loan application.
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Be prepared to provide:
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- Social Security numbers for both you and any co-borrowers
- Copies of checking and savings accounts statements for the past two months
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program)
- Recent paycheck stubs
- W-2 withholding forms, or income tax returns for the past two years to verify your income and proof of employment
- The name and address of someone who can verify your employment
- Residence history for the past two years
- Sales contract for the purchase of a new home
- Homeowner’s association information with contact information if property is a condo or part of a homeowner’s association
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Lower Your Interest Rate
Shorten Your Loan Term
Refinancing from a 30-year mortgage to a 15-year mortgage can help you own your house outright faster. This also builds your equity more quickly. You'll pay less overall interest with a shorter term, even though your monthly payments may be higher.
Tap Into Your Home's Equity
(Cash-Out Refinance)
If you need cash, a cash-out refinance lets you access the equity you've built in your home. This money can be used for major renovations, to consolidate debt, or for other major expenses. Be aware that a cash-out refinance means you'll be taking on a larger mortgage.
 Equal Opportunity Lender –  259355Â