Refinancing Your Future

Refinancing a home involves replacing your existing mortgage with a new one, typically to obtain better terms, lower interest rates, or to access the equity in your home. Here are the key steps and considerations when refinancing a home.

Follow these steps to make refinancing
A Pain Free Process.

Family walking to new home
Step One

Determine Your Goals

Understand why you want to refinance. Common reasons include reducing monthly payments, obtaining a lower interest rate, switching from an adjustable-rate to a fixed-rate mortgage, or accessing equity for home improvements or debt consolidation.

Step Two

Check Your Credit Score

Your credit score plays a significant role in the interest rate you'll qualify for. Review your credit report and make improvements if necessary.

Step Three

Assess the Equity in Your Home

Lenders often require a minimum amount of home equity before approving a refinance. At Amerant Mortgage, we offer programs that can reduce the amount of equity needed to move forward with a refinance!

Step Four

Choose the Right Mortgage

An Amerant Mortgage Loan Officer will work with you through all of your options to determine the best mortgage solution for you. For example, we’ll help you understand the difference between a fixed-rate and adjustable-rate mortgage (ARM) and guide you in your decision making process based on your financial goals and risk tolerance.

Step Five

Gather Documents

Be prepared to provide financial documents such as pay stubs, tax returns, bank statements, and information about your current mortgage. Your dedicated Amerant Mortgage Loan Officer will make sure you’re prepared with everything you need!

Step Six

Calculate the Costs and Apply

Refinancing comes with closing costs, which can include origination fees, appraisal fees, title insurance, and more. Determine if the potential savings of refinancing outweigh these costs. If they do, submit your application and be prepared for a credit check and a home appraisal.

Step Seven

Lock in Your Rate

We can lock in your interest rate the day you apply to protect against rate increases during the closing process.

Step Eight

Close the Loan

Review and sign the loan documents. Your existing mortgage will be paid off, and your new mortgage will take its place, potentially saving you thousands of dollars and cutting years off of your loan.

Step Nine

Make Monthly Payments and Monitor Your Finances

After refinancing, make your monthly mortgage payments as agreed upon in your new loan terms. Keep an eye on your financial situation after refinancing. Ensure that the new terms are meeting your goals, whether that's reducing monthly payments, paying off the loan faster, or accessing equity.

Remember that refinancing isn't free, and it may not be the right move for everyone. When you connect with a mortgage expert at Amerant Mortgage, we can review your current financial health and your goals to help determine what mortgage product is the best fit for you!

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