Refinance Basics

Refinancing your current mortgage loan with a new one can allow for many different benefits.

  • Better rate
  • Shorter term
  • Lower payment
  • Cash-out on equity
  • Locking in a fixed rate from an adjustable rate

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Refinance Checklist

Income Documents

  • Last 30 days of paystubs
  • Last 2 years of W-2s
  • Award letters (social security, pension, disability, etc.)

Asset Documents

  • Last 2 months of bank statements (all pages) for checking and savings
  • Last quarterly statements for any retirement and/or investment accounts

If You’re Self-employed, Own Other Property, Or Make The Bulk Of Your Income In Commission

  • Last 2 years personal tax returns and all schedules. Business returns could be requested additionally.
  • CPA to provide a YTD Profit & Loss statement for self-employed borrowers

Additional Information

  • Current mortgage statement
  • A copy of your homeowner’s insurance policy and contact information for your insurance agent
  • A copy of your property tax bill
  • A copy of your driver’s license
  • Bankruptcy discharge paperwork (if applicable)
  • Copy of divorce decree or court order to support alimony and/or child support. Whether receiving or paying

Credit Score

How To Get A Great Rate

  • Improve your credit score. Paying bills on time is reflected in your credit score and your credit score is a piece of what determines the risk of your loan to the lender. The higher the number, the better the rate.
  • Did you know that a larger down payment can help you get a better rate? The larger the down payment, the lower the risk of the loan. This equates to a great rate.
  • Ask your loan officer what you could do to get the best rate available.

Credit Score Basics

How is my credit score calculated?

Credit Score Basics Pie Chart (002)


  • Continue to make rent or mortgage payments where you are currently living.
  • Keep your payments current on all debts.
  • Maintain status quo with spending habits.
  • Consider enrolling in credit monitoring service to monitor your credit as soon as you decide to buy a home.
  • Stay employed with the company on your application or if you must change, keep it in the same line of business and always speak with your lender prior to leaving.


  • Don’t make any new major purchases.
  • Don’t apply for new credit.
  • Don’t open new credit card accounts.
  • Don’t transfer credit card balances.
  • Don’t take out any other loans.
  • Don’t open a new cell phone account.
  • Don’t leave your job.