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How do I Refinance a Mortgage Online?

Article Details
  • Written By: N. Madison
  • Edited By: Jenn Walker
  • Last Modified Date: 15 February 2020
  • Copyright Protected:
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    Conjecture Corporation
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Applying to refinance a mortgage online is much like applying for a mortgage refinance the traditional way. You will typically have to choose a lender based on reputation, lending criteria, rates, and terms. Then, you will have to complete an online application and submit it via a secure Internet connection. Additionally, you will likely have to provide the lender you choose with proof of income and other documentation.

When you want to refinance a mortgage online, you may begin by researching reputable mortgage companies. As you perform your research, you may do well to consider online reviews and recommendations that have been posted by other borrowers. Such reviews may help you to gauge whether the mortgage company will treat you fairly and ethically. You may also consider the type of borrower the mortgage company usually caters to and determine whether you fit that description. For instance, if you have poor credit, you may do well to choose a mortgage company that specializes in lending to people with less than stellar credit.

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It’s important to note that you don’t have to choose a new lender when you want to accomplish a mortgage refinance online. You may contact your current lender and request information about a mortgage refinance. Usually, however, it is a good idea to compare the rates and terms you are offered by a current lender to those you are offered by reputable lenders you find through your research. The offer you receive from your current lender may not necessarily prove better than those you receive from a new lender.

Once you have a list of lenders to consider, you may then do well to request a quote from each one. This is because a lower interest rate may translate into lower monthly payments and less money paid over the life of your loan. It is also important, however, to compare lenders based on the loan terms they offer. Generally, the best mortgage refinance loan is the one that will be easiest for you to repay, offer the lowest closing costs, and include the mortgage duration that will be most beneficial for you.

After you’ve chosen a mortgage refinance lender, you will have to complete an application to refinance a mortgage online. The lender you choose will likely provide forms you can complete online and then submit via a secure Internet connection. You will typically have to provide contact information as well as identifying information such as your tax ID number and your birth date. You will likely have to provide information about your home, current mortgage, monthly expenses, and income as well.

In addition to the forms you fill out to refinance a mortgage online, you will likely have to gather other important documents, such as proof of income, and send them to the lender. Usually, you can send these documents via fax or by mail. The lender will likely provide you with a list of the important documents you have to submit to complete your mortgage refinance application.

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Discuss this Article

Rundocuri
Post 2

@talentryto- If you like the idea of the convenience of refinancing a mortgage online, you can use a combination of in-person meetings and the online application process to get the job done.

Find a lender, discuss your options, and follow his or her advice to do as much of the refinancing online as possible. This will save you some time, money, and running back and forth to a physical location. However, it will also provide a professional who is there for you to call if you need his or her advice about the steps to refinance your home.

Talentryto
Post 1

Though refinancing a mortgage online may sound convenient, especially for people who are savvy using the Internet, I would not recommend it. It is best to have access to a trusted lender to refinance your home.

Refinancing a mortgage is a major financial decision that can be very challenging. You have to considering the value of your home, the amount of your current mortgage, and the interest you pay to determine if refinancing is a good option for you. Then, you will need the sound advice of a lender to make sure you know what you are doing. This tedious process is best done sitting in an office and working one-on-one with a professional mortgage lender.

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