How to Refinance your Mortgage: Step by Step

Written By Minh Tong
Dec 19, 2022
Facebook Share Icon LinkedIn Share Icon

A mortgage refinance is a type of home loan that allows you to pay off your existing mortgage with a new one. This can be beneficial if you want to lower your monthly payments, change the terms of your loan, or take advantage of low interest rates. To qualify for a refinance, you will need to have sufficient equity in your property and meet certain credit requirements. Additionally, your lender may require you to have a certain amount of cash in the bank or stable income from a job.

How to refinance your mortgage step by step:

  1. Calculate the amount of equity you have in your property. This will determine whether you are eligible to refinance and how much money you can borrow from your lender.
  1. Contact your current lender or a different lender and get pre-approved for a mortgage refinance loan. This will ensure that you meet their credit and income requirements, as well as give you the maximum amount of money that they are willing to lend you.
  1. Choose the size and terms of your new refinance loan, such as the length of the term, interest rates, monthly payments, and fees associated with the loan (such as closing costs). Make sure that these details work with your budget so that you don’t end up with a mortgage you cannot afford.
  1. Sign the refinance loan documents and submit them to your lender for processing. This can typically take a few weeks or months, depending on whether there are any issues with your application and how quickly you can provide the necessary documentation.
  1. Once your refinance loan has been approved, close on the loan by signing all of the final paperwork and paying any closing costs associated with it. Once this step is complete, you will officially have a new mortgage on your property that replaces your old one.

Refinancing your mortgage can be a great way to improve the terms of your home loan and get better access to money when you need it most. By following these steps, you can refinance your mortgage quickly and easily and take advantage of the financial benefits this type of loan can provide.

How much does it cost to refinance your mortgage?

The cost of refinancing your mortgage can vary depending on a number of factors, including the amount you are looking to borrow, your credit score, and current interest rates.  Some common fees associated with refinancing include application and origination fees, appraisal costs, title search expenses, and various other closing costs. Additionally, some lenders may charge prepayment penalties or other fees if you pay off your mortgage early. Speak with an Americor professional today about your financial questions.


See how Americor can help

Check Your Options

About Americor

Americor provides debt solutions to thousands individuals and families all over the country. We’re a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly. Together we’ll develop a strategy for you to enjoy a debt free lifestyle. Learn more about how Americor can help relieve the burdens of debt today.

18200 Von Karman Ave, 6th Floor Irvine, CA 92612
New Clients:
[email protected]
Existing clients:
[email protected]

We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

Americor Funding, LLC (18200 Von Karman Ave, 6th Floor Irvine, CA 92612) is fully accredited by the Better Business Bureau (BBB), the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA). CA Department of Financial Protection and Innovation (DFPI) License # 603K913.

Copyright © 2022 Americor Funding, LLC dba Americor Financial. All rights reserved