- 1). Contact your current mortgage lender for a mortgage loan application. You may or may not have to fill one out if your original one is still in the lender's records.
- 2). Bring your lender your most recent two months of pay stubs and bank statements. If your original mortgage was within the past two years, the lender may or may not need your most recent two years of tax returns.
- 3). Discuss new mortgage terms and rates with your lender. Ask for a Good Faith Estimate and a Truth in Lending Statement on the mortgage. Review both for a good picture of the new loan. The Good Faith Estimate will outline the fees associated with the loan and the Truth in Lending Statement will give you the APR (annual percentage rate) associated with the loan. The APR is the numerical representation of the total cost of the loan for a full year, including fees and monthly interest rate.
- 4). Ask your lender if any fees or steps can be eliminated from the process for being a repeat customer. Origination fees should be reduced and certain documentation needs may be waived, depending on your type of mortgage.
- 5). Fill out any disclosures given to you by your lender and allow him to order an appraisal and title work on your property. Once the process is complete, sign all applicable disclosures at the closing to complete your mortgage refinance.
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