Refresh your mortgage, renew your savings

Frequently asked questions

• What are the benefits of refinancing my mortgage?

  Refinancing your mortgage can offer several advantages depending on your goals. Benefits include lowering your interest rate and monthly payment, shortening your loan term, converting between adjustable and fixed-rate loans, or tapping into home equity to get funds for large expenses.

• When should I consider refinancing my mortgage?

  Consider refinancing if interest rates have dropped since you took out your mortgage, your credit score has improved, you wish to change your loan term, or you need additional cash for large expenses. A rule of thumb is that refinancing can be worth it if you can reduce your interest rate by at least 0.5% to 1%.

• How much does it cost to refinance a mortgage?

  The costs of refinancing can vary depending on the loan amount, location, and lender, but generally, they can range from 2% to 6% of the loan amount. Costs may include application fees, appraisal fees, title insurance, and closing fees. Evaluating these costs against the potential savings is crucial to determine if refinancing is beneficial for you.

• What documents do I need to refinance my mortgage?

  You will generally need to provide proof of income (such as recent pay stubs), tax returns for the past two years, a credit report, statements of debts and assets, and your current home loan details. This documentation helps lenders assess your financial situation and eligibility for refinancing.

• How long does the refinancing process take?

  The refinancing process typically takes between 30 to 45 days. However, the timeline can vary based on the complexity of your financial situation, the accuracy and completeness of the documents you provide, and the lender’s capacity.