Personal Banking, Home Loans & Business Banking and Loans

Refinancing Information

The Refinancing Process

Read time 2 minutes

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

1. Obtain a quote

If you choose to get rate/closing cost quote from multiple lenders, request them on the same day so you can accurately compare interest rates and closing costs. Note that these are unofficial estimates, and that any official estimates will only be issued after loan application. Shop wisely. Some lenders will give you lower interest rates and charge higher closing costs, and some lenders offer lower closing costs but will charge a higher interest rate. A good loan officer can help you determine which is best for you.

2. Applying for a refinance

When you have selected a lender, have copies of all your financial documents handy such as: pay stubs, account statements, W2s, current mortgage information and the name of your home insurance provider. Ask questions about your lender's application process and timeline.

3. Loan Estimate (LE) or Good Faith Estimates (GFE)

After you have applied, you will receive an official Loan Estimate or Good Faith Estimate. Every lender provides the same form, to help you easily compare fees associated with your loan. In addition to this document, Affinity Lending will prepare a detailed Affinity Savings Calculation that shows you how much money you will save through the your specific benefit program. We can also help you compare LEs or GFEs from other lenders to make sure you’re getting the best deal.


4. Lock in your interest rate

When you decide to lock in your interest rate, your lender will provide you with another Loan Estimate or Good Faith Estimate. 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. The result of this could mean a higher or lower monthly payment, or increased or decreased closing costs associated with what the interest rate costs (commonly known as points).

5. Signing your final documents

When your loan has been processed and is ready to close, you will need to schedule an appointment (usually with escrow or your closing agent) to sign your closing documents. After you have signed your closing documents, you still have the right to cancel the refinance if you notify your lender within three business days (except on investment properties). Your loan cannot close until this required 3 day waiting period had passed.

To learn more or to apply to refinance your home contact your local Affinity Loan Officer.


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IMPORTANT: Hometown Program and Inside Edge mortgage benefits cannot be accessed from a HomeStreet branch or home loan center. These benefits can only be accessed through one of our specialized Affinity Loan Officers.

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