Refinancing, step by step.

The six items are your name, income, Social Security number for the credit report, property address, estimated property value, and requested loan amount.

Use the lender’s secure application process for sensitive information. Ask your loan officer to explain the credit inquiry before proceeding.

The lender sets the document list for your situation and program. Common examples include:

• Income: pay statements, W-2s, tax returns, or records supporting self-employment or other income, as requested.
• Assets and debts: bank or investment statements and information about other loans.
• Your home and current financing: mortgage statements, any second mortgage or home equity line of credit (HELOC), and homeowners insurance information.

These support the later verification of your application. The lender may request complete, updated records or explanations as the review progresses.

Your existing loan can affect the path. A streamlined program may reduce some documentation or property-review requirements, but still has eligibility rules and costs. Confirm availability and the lender’s requirements with your loan officer.

• Existing FHA loan: FHA Streamline has credit-qualifying and non-credit-qualifying options.
• Existing VA loan: VA IRRRL is a distinct path from a VA cash-out refinance.
• Existing USDA loan: USDA refinance has several paths. Household income limits still apply, including on Streamlined-Assist.

Pay from available funds

Compare the cash needed with the savings you want to keep available. Costs can include origination, credit report, appraisal, title, and recording charges.

Add eligible costs to the loan

When permitted, financing costs increases your balance and means paying interest on those costs. Program restrictions apply; FHA Streamline does not allow closing costs to be added to the new mortgage amount.

Use lender credits

A lender may cover some costs in exchange for a higher rate. Conversely, paying discount points upfront may lower the rate. Compare written options.

A “no-closing-cost” refinance still has costs. Ask exactly which fees are covered and how that changes your rate or balance.

A rate lock applies for a stated period and under specified conditions. Ask for the expiration date, any lock or extension fee, what happens if closing is delayed, and whether there are options if market rates fall.

Changes to the application, verified income, credit, loan amount, or property value can affect the terms even after a lock. The lender’s lock policy determines the details.

Tell your loan officer promptly about changes to employment, income, debts, or how you intend to use the property. The lender may need updated information and may reconsider the terms or approval.

Ask who owns each outstanding request, what is needed from you, and whether it affects the rate-lock expiration. If a requirement cannot be met, discuss whether it can be resolved, another option fits, or it makes sense to pause.

The payoff includes what is needed to settle the old loan through a specific date, including accrued interest and any applicable unpaid fees or prepayment penalty. Your statement balance may not include all of that.

Confirm that the settlement team has current payoff figures. A change in the funding date may mean those figures need to be updated.

Some changes require a new three-business-day review period: an annual percentage rate (APR) that becomes inaccurate under the applicable rules, a change in the loan product, or the addition of a prepayment penalty. Other corrections generally do not restart that period.

Ask the lender what changed, why it changed, and whether it affects your signing date or cash needed.

When the right applies, the clock starts after the last of these events: signing the credit contract, receiving the appropriate accurate lending disclosure, and receiving the required notices of your right to cancel.

The deadline is midnight of the third business day. For this purpose, Saturdays count; Sundays and legal public holidays do not. Follow the notice’s instructions to cancel in writing, keeping a copy and evidence of timely mailing or delivery. A phone call alone is insufficient.

This federal right generally does not apply to a loan secured by a second home or investment property. A refinance with the same creditor and no new advance is another exception; additional borrowing can change the treatment.