Young couple looking at computer

Refinancing a Home

Refinancing a Home in Oklahoma


Refinancing a home loan can allow you to leverage the equity in your house to obtain a low-cost lending option or take advantage of lower rates to potentially reduce your monthly payments. When mortgage rates drop or you need access to cash at a low interest rate, consider the benefits of refinancing your loan.


Why Refinance?

There are many reasons why homeowners may choose to refinance their existing home loan. Consider refinancing to:
• Take advantage of lower interest rates
• Convert your adjustable-rate to a fixed-rate mortgage
• Avoid an upcoming balloon payment
• Capitalize on your improved credit score
• Lengthen your home loan term to lower monthly payments
• Reduce the life of the loan you currently have
• Tap into equity for debt consolidation, home improvements, or education expenses


How to Apply for a Mortgage Refinance Loan

You can get the ball rolling by calling us at 888-332-5132 to learn more about our refinancing options. Our loan specialists can work with you to determine the right kind of home loan for your financial needs and answer any questions you have about the application process.


Preparing to Refinance

Before you begin your application, you’ll need to gather all the documents needed to verify your income, identity, and assets. This includes:
• Financial statements
• Tax returns
• Bank statements
• Proof of income
• Government-issued ID
• Deed to your home
• Documentation of existing mortgage (if applicable) and other loans and debts

Additionally, you may need funds to cover your closing costs.


Application Submission and Approval

You can complete your loan application online or in person, by submitting the necessary documentation. Once your application is submitted, you’ll receive a loan estimate which offers specific terms for your loan. If you agree to these terms, you’ll sign paperwork, which includes an Intent to Proceed, and submit it to your lender to proceed. After this, you simply need to wait for the loan to close (can take up to several weeks). At closing, you’ll receive and sign your new mortgage paperwork and, if you chose a cash-out refinance, your payout.

Ready to apply?

Apply online, anytime, anywhere:


What Does Equity Mean to You? 

The equity in your home can be a valuable tool to help you achieve your financial goals. Equity can mean different things to different people, depending on their financial situation, lifestyle, and life stage. 

  • To a young professional, equity can mean paying off student loans, funding continuing education, or financing the startup of a business.
  • To a homeowner, equity can mean affording value-improving renovations to your home, while earning a tax deduction on the interest.
  •  To a parent or guardian, equity can mean helping their child attend the school of their choice or have their dream wedding.
  • To a retiree, equity can mean having the funds to cover unexpected expenses on a fixed income.
  • To someone interested in diversifying their portfolio, equity can mean having the resources to make cautious investments to grow their nest egg.

Use our Mortgage Refinance Calculator to see how refinancing your home loan can help you reduce your payment or finance your goals. 

Restrictions may apply depending on the type of property, occupancy restrictions, and program requirements.

Mortgage Refinancing Frequently Asked Questions

What documents will I need?  Common documents include:
 

Proof of income (pay stubs, tax returns, W-2s), employment verification, bank statements, and identification (driver’s license, Social Security number), homeowners insurance policy, current mortgage statement, and debt and asset information.

When is the best time to refinance my home?  The best time to refinance depends on:
  • If current interest rates are lower than your current mortgage interest rate.
  • If you have an improved credit score or financial situation.
  • If you would like to switch from an adjustable-rate to a fixed-rate mortgage.
  • If you want to cash out home equity for other expenses.
How much can I save by refinancing my mortgage? It depends on the difference between your current and new interest rate, the length of the new loan term, and closing costs and fees associated with refinancing. You can use a mortgage refinance calculator to estimate savings.
 
What is the difference between a rate-and-term refinance and a cash-out refinance? Rate-and-term refinance: Lowers interest rates or changes loan term without borrowing extra money. Cash-out refinance: Takes out a new mortgage for more than you owe, giving you cash based on your home’s equity.
 
What credit score is needed to refinance a home loan? This varies per lender, though higher scores improve approval chances and loan terms.
How long does the refinancing process take?  Refinancing usually takes 30 to 45 days, depending on lender processing times, appraisal and underwriting requirements, and your financial documents' accuracy.
 
Are there any fees or closing costs when refinancing?  Yes, refinancing typically involves origination fees (varies by lender), appraisal fees (depends on appraiser), title insurance (depends on title company), and other small closing fees. In many cases, depending on the lender, the costs associated with refinancing can be rolled into the loan.
 
Can I refinance if my home has lost value?  Yes, if you qualify, but options may be limited.
 
Can I refinance an FHA or VA loan? Yes, here are a couple of good options:
  • FHA Streamline Refinance: Requires less paperwork and no appraisal.
  • VA IRRRL: Easy refinance option for VA loans with lower rates.
How do I know if refinancing is worth it for me? Consider refinancing if:
  • You want to lower your interest rate.
  • You plan to stay in your home long enough to recover closing costs.
  • You want to shorten your loan term for faster payoff.
  • You need to tap into home equity for expenses like home improvements or debt consolidation.

Ready to apply?

Apply online, anytime, anywhere: