The Refinance Process

In many cases, the refinance process is simpler than a home purchase.  The steps in the process are:

1. Get a good faith estimate
2. Make an application
3. Lock in your interest rate
4. Sign your closing paperwork

Good Faith Estimates

• If you choose to get a good faith estimate (GFE) from multiple lenders, request them on the same day so you can compare interest rates and closing costs.
• Shop wisely. Some lenders will give you lower interest rates and charge higher closing costs, likewise, some lenders offer lower closing costs but will charge a higher interest rate. Learn more about rates and fees.
• Affinity Lending  will prepare a detailed Affinity Savings Calculation that shows you how much money you will save through the Hometown Home Loan Program.

Return to top

Applying for a refinance

• When you have selected a lender, have copies of all your financial documents handy:
  
  Pay stubs
  Account statements
  W2s
  Current mortgage information
  Home insurance provider
  
  
• Ask questions about your lender's application process and timeline.

Click here to apply for a home loan online.  It’s fast, easy, and your Affinity Loan Officer can help you if you have questions along the way!

Lock in your interest rate

• When you decide to lock in your interest rate, ask your lender for another Good Faith Estimate and make sure it is not drastically different from the first one you received.
• Rates change daily, and in volatile markets, can change multiple times each day. When rates change, it is mostly what each interest rate costs, sometimes called points. More information on interest rates

Return to top

Signing your final documents

• When your loan has been processed and is ready to close, you will need to schedule an appointment to sign your closing documents.
• After you have signed your closing documents, you still have the right to cancel the refinance, in most cases, if you notify your lender within three business days.

Return to top