When you refinance, you want to trade in your current mortgage for a cheaper one. The first thing to do is make sure you qualify for refinancing. You should also calculate whether any potential fees outweigh the advantages of refinancing. You may also need an attorney to process complicated paperwork.
Details about refinancing
If you don’t make as much money as you did when you took out your mortgage, or are unemployed, you probably won’t be able to refinance. The same holds true if you have less than 10 to 20 percent equity in your home. If your overall money and equity situation is good, start by contacting your original mortgage lender.
You may receive a better offer than you would with a new lender, and shouldn’t need to pay certain fees, such as for a title search. The lender already has that on file.