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home mortgage refinancing, simplified

The Refinancing Process

The refinance process is a lot like obtaining a mortgage for a home purchase without a fixed closing date.

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Here are the key steps in the process.

1. Contact a trusted mortgage lending professional — Refinancing only makes sense under certain circumstances and the criteria vary with each borrower. One of our mortgage advisors can help you evaluate the pros and cons.

2. Determine if refinancing is a good decision — Because of the costs involved and potential impact on your long-term financial position, refinancing must be carefully considered. Think through the "pay-back period," the length of time required for the savings from the refinanced mortgage to offset its costs.

3. Collect all necessary documentation and submit application — Just like purchasing a new home, documentation of your income, job history, debt, and other factors are involved. You'll need this information in addition to an appraisal of the property.

4. Await the underwriting decision — During the period in which your loan file is being underwritten, you may be asked to provide additional information, or clarification of information already provided. Your Commerce Home Mortgage advisor is your guide and source of up-to-date information on your loan.

5. Close the loan & sign loan documents — At closing you claim the benefits of refinancing and begin a new chapter of your financial life.

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