Step By Step Mortgage Refinance Guide

Refinancing your mortgage is a big but necessary step for homeowners.  It’s a chance to hit the reset button on your home loan, and a way to lower your monthly payments or even get yourself out of high-interest debt.  Lots of people are confused how to get started, so we created a step-by-step mortgage refinance guide to help.

When you’re ready to refinance, follow these steps (feel free to improvise!)

  • Know what you want. The goal is to save money, right?  Look at what you have and where you want to be, and refinance in a way that gets you there.  Determine your endgame and operate toward it.
  • Give Yourself some credit. Know your credit score and the problems associated with it.  If it stinks, work on it.  Make payments, build your score, and get a better rate.
  • Value yourself. Do some homework on your home.  What is your home worth?  What are the homes around you worth?  Have any sold recently?  Is the neighborhood ascending or descending in value?
  • Get the best rate.  Make sure you are getting the best rate you can.  Shop it around, but don’t let anyone pull your credit until you’re close.  Having your credit pulled repeatedly and signing up for a bunch of different loans can lower your credit rating.
  • Calculate the cost. You can’t get something for nothing.  While fees are often rolled into the loan, it’s still something that you’re paying for.  Make sure that you get a detailed report from your lender on all of the fees that you will be responsible for.  Don’t get blindsided because you didn’t ask.
  • Paper it up. Get everything together that you may possibly think you’ll need for a financial transaction.  Your loan officer will make sure that they have everything, but here’s a list to get you started:

Paycheck Stubs


Bank Documents

Investment Documents

Tax Documents

Profit Statements (Only if self-employed)

Proof of income from rental properties

Proof that a gift is not a loan

12 months of canceled rent checks and bank statements

Divorce decree

Proof of age of children in child support is involved

Bankruptcy discharge paperwork


  • Lock it down. It’s a gamble, but locking in your rate when you’re comfortable has saved thousands of people millions of dollars when the market turns.

When you have your paperwork ready and are ready to buy your home, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?

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