Refinancing a mortgage involves many of the same steps you encountered when you purchased your home, plus there may be a few new steps involved – if you’re consolidating your home loan with other debts, for instance. To help you navigate the refinancing process, we’ve prepared this checklist of what’s involved.
For more information, or to get your refinancing process started, visit a Comerica banking center
or call an experienced Comerica Mortgage Loan Consultant at 800.867.5188
✓ Benefits of Refinancing
✓ How Much Do You Owe?
✓ Get Prepared Now!
✓Home Insurance and Your Rights
Benefits of Refinancing
- Is your goal to lower your monthly payments?
- Is your goal to shorten the term of your loan?
- Is your goal to get cash or to consolidate debts?
How Much Do You Owe?
- What is the payoff amount on your existing mortgage?
- Does your current lender charge any fees or penalties for prepayment?
- Use a refinance calculator to determine if refinancing is a good financial decision for you.
Get Prepared Now!
- The specific documents you will need vary depending on your location and loan program, but generally, have available: proof of income, home insurance, and title insurance; copies of your W-2 form; and information about your assets.
- Have a copy of the deed to your home and a copy of your title policy at hand.
- If you're applying for a cash out refinance loan, provide the lender with a letter stating how you intend to use the money.
- Request a payoff statement from your current lender that includes the daily interest rate. You may need this prior to closing.
- Contact your title company to discover what documents they need. That may include documents from your current lender, your municipality and others. In some states, a survey is required and must be given to the title company in advance of closing.
Home Insurance and Your Rights
- A paid one-year policy for hazard insurance is required.
- The policy should cover at least the amount of the mortgage.
- We become the named mortgagee on your policy.
- During the three-day right of rescission period, you may cancel the loan for any reason.
Refinancing may be the way to meet many of your financial goals.
Get the facts about the specific refinancing advantages available for you. A Comerica Mortgage Loan
Consultant can help you navigate the details and requirements. Banking center or call