Our Detailed Refinancing Guide

Buying your first home is a big investment. We’re here to make the process as easy as possible and keep you informed every step of the way.

Make a financial impact.

Lower your interest rates, free up cash for college? Yes, refinancing can make a difference!
Pre-Qualify
Pre-qualification determines your ability to repay a loan based on information you provide. Your liability, asset and income information are reviewed by a licensed mortgage loan originator to establish the maximum purchase price you can afford and how much you may be able to borrow.
Understanding Your Credit Report
Check your own credit score before meeting with a lender.
It’s important to make sure that your score is accurate when applying for a loan. You can get a free credit report once a year online by visiting annualcreditreport.com.
Verify the report to make sure you have the correct information.
Report and dispute inaccuracies with the credit bureau. Disputes in process may delay loan approval.
Paying down high credit balances may positively affect your score.
By paying down applicable lines of credit before applying for a loan, you may qualify and get approved for a better interest rate.
Set up payment plans.
Call your creditors and work out a budget-friendly payment plan on delinquent accounts prior to applying for a loan. Work out a plan that won’t harshly affect your debt-to-income ratio but will still let lenders know you are serious about being credible for your debts.
Meet Your Loan Officer
Give us a call today to discuss your options and get started. Together, we’ll recommend a mortgage product that will meet your needs.If you want to get an idea of what kind of product may be right for you, you can visit our loan types, which will explain many of our products. But the best thing to do is to speak with one of our licensed loan originators, who will assess your financial situation and make a recommendation.
Gather All Your Necessary Info and Paperwork
Identity Income & Information
Income Info for Self-Employed Borrowers
Credit Information
Income Tax Documentation
This list may not be all-inclusive, but you may be able to expedite the process by having these documents on hand.
Submit Your Application
Fill out and sign the loan application — including the attached fair lending notice, loan info sheet, and credit authorization. Note: Do not use whiteout on this paperwork. Mistakes should be crossed out and initialed.
Review Your Loan Estimate
This document contains important details about the loan you are applying for including estimations of your interest rate, monthly payment, closing costs, taxes, insurance and any prepayment penalties. The lender must provide this to you within three business days of receiving your application.
Review Your Good Faith Estimate
This is the list of the settlement charges that you must pay at closing. The lender must provide this to you within three business days of receiving the mortgage application.
Clear Any Additional Requests from Underwriting
Underwriting is the department that reviews all of your identification, paperwork, and credit history to asses if you will qualify for the desired loan. They determine the terms of the loan and will occasionally require extra documents to fully understand your background and make their decision. It is important to make yourself available during the underwriting process and to respond to any requests promptly and thoroughly.
Consider the Home Appraisal
When refinancing, not everyone is required to get a home appraisal. For example, if a person has an FHA loan, and wants to refinance into another FHA loan for the purpose of lowering monthly payments, a home appraisal won’t be required as long as previous mortgage payments were all made on time. However, it could be in your best interest to get a home appraisal for your refinance, because the risk is that the lender doesn’t assign a high enough value to your home, thereby restricting the type of mortgage products that may be available to you. An accurate appraisal will prevent the lender from basing the refinance loan on too small of a home value.
Get All Commitments in Writing
Make sure the amount, payments, rate lock, and other details are clearly stated in writing in a signed document.
Set Closing Date, Time & Location
Closing usually takes place in the presence of a public notary, and if you have a co-applicant, they will also need to be present.You should be prepared for several things:
Review the Closing Disclosure
The lender must provide this to you at least three business days before you close your loan. This document contains the final terms of your loan. Use this timeframe to review it thoroughly and compare it to your Loan Estimate. Don’t be afraid to ask your lender questions if you are unclear about the terms!
Second Chances Always Count
Congratulations, you can cross “refinancing” off your “to-do” list, but more importantly, you’ve either uncovered ways to save, or ways to more easily manage the expenses that life has in store for you, and either way, the financial benefits are well-worth the effort.CrossCountry Mortgage is here to offer you guidance on any future questions or situations that may arise with your loan. A licensed loan officer will always be available to help you refinance, use your home equity, or even purchase additional properties to build your investment portfolio.

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