Before you begin the process, you need to determine why you want to refinance your home loan in the first place. Once that decision is made, it directs the process and makes things much easier. Lowering your monthly payment is often the goal, and it can be tempting to extend the term to get the lower payment, but not always the best option. You can also reduce the term and get a lower interest rate, but this will make the monthly payment higher. You might need to access the equity that has built up in your home over time and want to do a cash-out refinance. There is also a refinance program that has a renovation aspect available. With this program, you can refinance and add on the cost of a major home renovation. Working with an experienced loan officer to understand all your options is the best first step in the home loan process.
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