Ready to refinance?

Step 2: Decide refinancing makes sense

The next step is to decide if refinancing makes sense for you. For a rate & term refinance, you’ll want to balance the benefit of lowering your rate or monthly payment against the closing costs you’ll probably have to pay. Refinancing might help you stop paying for mortgage insurance too.

For a cash out refinance, a good step is to figure out how much cash from your home equity you might be able to get. You can estimate this using your home’s value, your current mortgage balance, and the loan-to-value ratio (LTV) of the refinance.

Step 3: Applying for refinancing

Once you’ve decided refinancing makes sense, the next step is to apply for a refinance with us. You’ll need to fill out an application and submit credit, income, and financial documents. We’ll review your application during the underwriting process and follow-up with any questions we may have. Once approved, you are ready to close on your new mortgage.

Step 4: Close on your refinance

When your refinance is approved, you are ready to finalize your new mortgage! You typically have to attend closing in person to sign important documents. At Freedom Mortgage, we may be able to bring these documents to a location you choose. You will also probably have closing costs you will need to pay. We’ll make sure you understand everything you need to do to help make your closing go smoothly. If you are refinancing to get cash from your home’s equity, you will get your cash during closing.