Refinance Your Colorado Mortgage
Taking advantage of a great rate environment is the goal of refinancing your loan. Here’s what it would take to make the most of your refinance.
Refinancing a mortgage can reduce your mortgage rate and lower your monthly payment. It can also leverage your home equity. The number of refinance loan applications increase when mortgage rates decrease. But while refinancing is an everyday practice, the process can be time-consuming and costly. So it’s important to understand how a refi works before applying.
What is Mortgage Refinancing?
Mortgage refinancing involves getting a new home loan to replace a current loan. Since you’re replacing your current mortgage, you’ll complete a new home loan application and re-qualify for the home mortgage. This entails providing your loan officer with supporting documentation. You’ll also need to authorize a credit check and pay closing costs again.
Refinancing doesn’t only create a new mortgage loan. It also allows you to receive new loan terms.
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