Refinancing your mortgage essentially enables you to pay off your current mortgage with a new loan. Because it will have new terms, you could enjoy a number of exciting benefits. Depending on the circumstances, you may enjoy a lower monthly payment, a shorter term, taking cash equity out of your home and more. If you are like many homeowners, however, you have not yet refinanced your mortgage because of the perception that this would be complicated and time-consuming. The reality is that the entire process is straightforward and may only take 30 to 60 days.

What is involved in refinancing your mortgage?
Before you start, you should review your credit scores and financial situation. This easy step will help you to determine if you need to spend a few minutes improving your situation before you apply. When you are ready to apply, simply connect with our team at MortgageDepot to explore your options. After you complete the brief loan application, we will tell you about the loan terms that you qualify for.

If you decide to proceed with the terms we quote you, you can sign a few disclosures online and finalize your application. This process can be completed from home in less than an hour. Tax returns, bank statements and other documents will be gathered so that we can complete a full application package. When the package is ready, it will be submitted to the underwriter for review and loan approval. This may take roughly a week. If necessary, a home appraisal may be ordered, and this will take another few weeks to complete. Once completed, final loan approval can be issued. The closing documents will be prepared. Loan funding takes place shortly after you sign the final loan documents.

Do you want to learn more about the refinancing terms you qualify for? Connect with one of our representatives at Mortgage Depot today.

Contact one of our loan consultants to learn more.

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