Maintaining your mortgage can feel like an overwhelming process, but it can also be one of the most rewarding financial milestones of your life. If you’re refinancing for the first time or need a refresh, understanding the mortgage journey can help you feel more confident and prepare you to take the next step. Here are 9 important stages you’ll follow through your home refinancing journey.
Preparation
In this early stage, it’s a good idea to review your finances and build up your credit history before you’re ready to refinance. A higher credit score can get you a better rate. Check out our Online Financial Calculators to learn how to keep your financial well-being up to date.
Mortgage Application
Now, you’re ready to apply for your new mortgage. During this time, you’ll need to submit some paperwork with your lender and determine which mortgage loan works best for you.
Lock In Your Rate
Locking in an interest rate with your lender ensures that the rate you’re offered doesn’t change before your loan closes. Your rate lock agreement will include the rate and points, the lock expiration date, and any fees for the lock.
Processing
In this stage, you’ll work with a Loan Processor who will ensure you have submitted all the proper documentation for analysis by an underwriter in the next step.
Underwriting And Conditional Approval
An Underwriter will review the documentation to confirm you are eligible for the loan. During this time, the Underwriter will provide an initial approval and inform your processor of any additional documentation needed for final loan approval.
Clear To Close
After a final review of your documentation, your lender will determine if you are clear to close and fully approved for your home loan.
Receive And Sign Final Documents
Once approved, a notary will reach out to you to confirm the date and time your signing will take place.
Your Loan Funds
It’s time to celebrate! The refinance process is complete, and you now have a better home loan!
Stay Financially Fit
You may have finished the refinance, but your borrower journey doesn’t stop here. You’ll need to maintain your mortgage and keep it financially fit as your financing needs may change over time. Check back with your Home Loan Expert for a Free Mortgage Checkup to ensure your mortgage is meeting your financial goals throughout the life of the loan.
Looking to start saving today on your home loan? Let’s upgrade your mortgage and put money back in your wallet with a new Better Loan.*
6 Money-Saving Tips To Start Today:
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Pay Off Your Loan Sooner Switch to shorter loan terms to save on interest.* |
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Lower Your Monthly Payment Refinance with longer terms, so more money stays in your wallet.* |
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Consolidate Debt Cash-out to reduce high-interest credit card debt. |
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Pay For Larger Expenses Invest in your home with updates that will yield a higher return should you decide to sell in the future. |
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Get Extra Savings After you have financed a home with us once, save up to $750 on all your future refinances and new home purchase loans with your AmeriWallet Benefits.** |
If you are interested in learning more about how a refinance or new home purchase loan can benefit you, just give us a call at 877.715.9908 or get your instant rate quote here.
Imagine The Possibilities With Your Better Home Loan!
*By refinancing, your total finance charge could be higher over the life of the loan.
**As a member of the AmeriHome family, borrowers are part of the AmeriWallet Rewards program. If you completed a home loan with us once, you will qualify for a $750 lender credit for all of your future refinances or home purchases done with AmeriHome, for any property you own. To qualify for this offer, you must have previously financed the purchase of a home or refinanced with AmeriHome. You have financed with AmeriHome when AmeriHome Mortgage Company, LLC appears on the previous Promissory Note for your loan, and you are listed as a borrower on the Note. Credits will be applied only if your loan closes with AmeriHome. This offer can not be combined with any other offers and is not applicable for FHA Streamline, or VA IRRRL Refinance transactions. Other restrictions may apply. Terms and conditions are subject to change. AmeriWallet Rewards program is subject to termination without notice.
