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Refinancing Your Home

While interest rates remain low, now may be a good time to explore refinancing your home. 

On average, borrowers save at least $200 a month by refinancing. With a reduced rate, you could save thousands of dollars in interest on the life of your mortgage.

A lower interest rate also may allow you to build equity in your home more quickly.

What You’ll Need to Get Started

  • Copies of previous two years' W-2 forms
  • Copy of two most-recent pay stubs
  • Three months' worth of the most recent statements for checking/share draft and savings accounts
  • Copy of title insurance policy
  • Copy of current homeowners insurance policy
  • Copy of survey done for your last closing if available
  • Payment method for the appraisal and credit report
  • Social Security numbers of all applicants

Approval Process

When you refinance, you close your existing mortgage and create a new one. The approval process to refinance is similar to the process of obtaining your original loan.

Your income and debt, credit score, and other factors affecting your financial situation are considered in the approval process.

To understand if refinancing your home is the right option for you, weigh the costs of refinancing against how much you’ll save each month so you’ll know when you will recoup costs over the length of your new loan.

Source: Copyright Credit Union National Association Inc.