Refinancing your mortgage means paying off your existing mortgage with a new loan. The refinance process is similar to when you first got financing for your home, and many of the costs will be the same.
Our American Pacific Mortgage advisors will help you determine what you want to accomplish with your refinance, and let you compare loan programs side by side. Once you have selected the program that suits your needs, you will apply for a new mortgage loan.
When you apply for a refinance, you will provide personal information to the lender verifying your personal assets and debt. To expedite the process, you will want to start gathering the following items for all borrowers on the loan:
Many of the costs to refinance your mortgage will be the same as when you first obtained financing. Many loan programs will offer low-cost or no-cost refinancing, and some of the fees or closing costs may be waived. Our advisors will outline the specific fees associated with your refinance by providing you with a Loan Estimate, which may include:
Still have questions about the refinance loan process, documents required to refinance, or cost to refinance? Find an advisor near you who will gladly sit down with you and compare mortgage rates and programs, map out the refinance loan process, and tell you what to expect from beginning to end.
Our goal is to guide our customers confidently and clearly through the refinance process, making sure you accomplish your goals on time and on budget.
Ready to get started? Apply online today.
This is the time to get in the know. A pre-approval will give you an advantage when you find your perfect home. We can tell you what you need to get pre-approved, so you know the exact loan amount you qualify for, what your monthly payment will look like, and how much taxes and insurance will be. With a pre-approval, the loan process will be smoother and your offer will be stronger.
Fixed rate? Adjustable? FHA? There are multiple loan options that may fit your unique needs, and we can help you choose. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.
Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. You will need to provide documentation, including a photo I.D., pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don't worry, we will let you know exactly what is needed for the loan application so you can be fully prepared.
Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.
Before your loan is approved, you will receive pre-approval and a list of closing conditions that need to be met. These conditions can include verification that your employer is current and proof that homeowner’s insurance has been obtained. Once closing conditions have been satisfied, the underwriter issues a clear to close. Congratulations, your loan has been approved!
With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!
It doesn’t get easier than this.
Check out our user friendly Home Affordability Calculator to assess your debt-to-income ratio, down payment, loan amount, and mortgage payment all at once. It’s almost like your own personal loan expert at the click of the keyboard.
Use our Mortgage Payment Calculator to quickly and easily see current mortgage rates and determine your monthly payment.