How to Apply For a Refinance Loan

Posted April 04 2016
by PenFed Team
man calculating numbers

Review Your Current Financial Situation

  • Check your credit score and correct any errors.
  • Look at your current income and debt.
  • Make sure you feel comfortable with potential closing costs. 
  • You can use our Mortgage Calculator to get a closing cost estimate.

Compare Loans and Find the Best One for You

Whether you decide to go with a fixed rate or adjustable rate loan depends on a number of factors.

Things to consider include:

  • How long you will be in the home
  • The current and historic housing market in your area
  • The current type of loan you have
  • Your goals in refinancing (lowering your monthly payment, paying your loan off sooner, etc.)

Gather Your Paperwork and That of Any Co-Signers

  • List of employers
  • Pay stubs
  • W-2 statements and tax returns
  • Bank account information
  • Most recent mortgage statement
  • List of all property owned
  • See our Refinance Documentation Checklist for more detail