How do I Refinance?

The refinancing process often sounds more complicated than it really is. If you work with an Allpointe Mortgage Advisor, many of the steps will be handled for you and the advisor will keep the process on track.

1. Prepare for the refinance process.

Before you refinance your mortgage, it's important that you're as comfortable as possible with the process outlined here. There is no need to feel intimidated by the process. Ask questions if you're unsure of what's occurring. Your Allpointe Mortgage Advisor should walk you through the entire loan process from start to finish.

You may also find that gathering some of the information below is helpful before applying for a mortgage.

• Get an idea of your home's current value by researching what homes are selling for in your neighborhood. Listings are often available online and in your local newspaper. This will help you estimate the amount of equity that you have in your home before a formal appraisal is performed.
• Review your credit report and make sure that all the entries are accurate. If you catch an error, ask for a correction. Most credit reporting web sites allow you to dispute information online.

2. Contact an Allpointe Mortgage Advisor at 866-255-3535.

They will assist you with the introduction of products, services and a presentation of your options.

3. Select a Loan Type.

Choosing the right type of loan is about more than just getting a low rate—there are a lot of other factors to consider, such as the payment terms and special features. It can be a complicated decision to chose one, but it will worthwhile when the loan is customized appropriately for you.

4. Gather your financial documentation.

The list may change depending on the type of loan and the lender, but before you close on your mortgage, many lenders will want to see copies of the following:

• The settlement statement from your current mortgage
• Proof of property and hazard insurance
• Income documentation, such as W2s for the past two years and pay stubs for the past 30 days
• Other documents that pertain to your specific situation (e.g., child support or alimony payments, a divorce decree, or pension papers)

5. Prepare for the closing.

• Have your home appraised
• Agree to a closing date and location
• Review the Good Faith Estimate and other closing documentation prepared by your Mortgage Advisor
• The Mortgage Advisor will advise you of the final closing costs due within 24 hours of your closing. You may need to secure a certified or cashier's check for any closing costs that are not covered in the total loan amount.

6. Attend the closing.

• This meeting generally takes less than one hour. You will need to provide any outstanding documentation and sign your loan papers. If there are any closing costs that are your responsibility outside of the total loan amount, be sure to bring a certified or cashier's check.
• If you're receiving cash at closing, this is when you will receive your check.

7. Congratulations! Now you can relax and enjoy the benefits of your new loan.

At Allpointe, we pride ourselves in facilitating the refinancing process and providing our customers with a loan program customized to their specific circumstances. Let us help you with your refinancing needs!

Give us a call today at 866-255-3535.