How to Refinance a Fixed Mortgage
- 1). Print a free copy of your credit report from annualcredit.com. Review the copy to catch any errors or discrepancies. If you do find issues, contact the reporting agency--either TransUnion, Equifax or Experian--to get them corrected. Your credit history will affect your interest rate, so make sure your credit report is free of errors before applying to refinance a mortgage.
- 2). Gather the same types of documents you used when securing your fixed mortgage. This includes current income statements, employment verification, bank statements and tax documents.
- 3). Contact your current lender. Request information regarding refinancing your fixed mortgage. Using your current lender may save you money on closing costs, since the lender has the title search and appraisal on file from your original loan.
- 4). Visit a local mortgage broker to request rates and information regarding refinance options for a fixed mortgage. Mortgage brokers have access to several lenders and may be able to offer better terms than your current lender. Compare interest rates and closing costs.
- 5). Complete an application to refinance your fixed mortgage. Include information such as your name, Social Security number, list of assets and contact information. Supply the documents requested by the lender as well.
- 6). Follow the lender's guidance when refinancing a fixed mortgage. A lender provides you with the required information, such as inspections and appraisals. Complete the refinancing process by signing the new loan documents to pay off the existing loan and replace it with the new terms.
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