3 Tips to Help Refinance Your Mortgage Successfully


When it comes to owning a house, you must apply for a home loan to give you an easier time acquiring the property of your dreams. Similarly, most conventional terms can last between twenty to thirty years. During those times, it’s possible to undergo changes that could sometimes affect your needs.

Adding to that is the fact that mortgage rates don’t always stay the same because they constantly experience a rise and fall depending on the situation of the economy. Similarly, people can go through changes too, such as getting a work promotion and acquiring a better salary, receiving a higher credit rating, and facing a lower debt-to-income (DTI) ratio.

During those instances, it may be a good idea to seek a home loan refinance, which involves paying off your current mortgage and replacing it with a new one. It’s only necessary if the new loan can provide shorter terms and greater rates. Keep reading below to find tips for receiving a refinance approval for your home loan. 

You Should Ask for a Credit Report 

To increase your chances of refinancing your loan successfully, you should take a good look at your credit score. If you believe that your present finances are doing better than the time you first signed your mortgage, it will help to review your credit report by asking for it from your bank.

Once you get a hold of your credit report, you should also stay on the lookout for any potential discrepancies that could involve not only your financial records but also your personal data. Knowing that your record is clear from any kind of error is crucial before pushing through with applying for a refinance appraisal. 

You Should Gather the Needed Records 

Just like how the process for applying for a home loan goes, you should make sure you have all the necessary documents ready before you opt for refinancing from a mortgage lender. If you plan to take ownership of the property with your partner or family member, don’t forget to prepare their financial records as well.

Some of the requirements for refinancing are a complete tax return, your most recent bank statements, and pay stubs. Other than that, you could wait until your lender reaches out to you to ask for supporting documents before you accommodate their request and gather the missing files to avoid delays in your application.

You Should Look Around for Options

Remember the first time you applied for a home loan, and you took your time looking for the best rates and policies? The same thing goes for refinancing your mortgage because you will have to browse through numerous lenders in search of the next one in hopes of seeking a better loan.

Keep in mind that you don’t have to stick to your current lender when refinancing, especially if they can’t provide more reliable rates this time around. You could ask for help from a mortgage advisor, and they will gladly aid you and look for reliable mortgage rates and fees until you find what you need.


Once you’re a couple of years down the line of paying off your home loan and your situation has significantly changed for the better, you could consider refinancing your mortgage for better opportunities. Just remember to ask for a credit report, gather all the needed records, and look around for options for more cost-efficient solutions. You could also work with a mortgage broker to help you find the best ways to refinance your home loan effectively. 

Are you looking to hire the best mortgage lenders for refinancing in Kalamazoo, Michigan? EST Home Mortgage is a full-service mortgage broker specializing in assisting our clients in discovering the best mortgage that provides the lowest possible rates. Contact us today to get pre-approved for a loan!