How to Apply For a Refinance Loan
Posted April 04 2016
by PenFed Team
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