Mortgage Refinancing Checklist

20 items · Lifestyle · Hard difficulty · 2 hours

Step-by-step mortgage refinance checklist to compare rates, costs, and lenders.

• Review current mortgage details

  Note loan balance, interest rate, remaining term, monthly payment, and servicer contact

• Research current market mortgage rates

  Check published rates for your credit tier and desired term from multiple sources

• Estimate total closing costs

  Include appraisal, title, origination, recording, and third-party fees (commonly 2–5% of loan)

• Calculate the break-even point

  Divide estimated closing costs by projected monthly savings to find months to recoup costs

• Check for prepayment penalties and loan restrictions

  Review original mortgage documents or contact servicer for any penalties or holdbacks

• Decide on your target loan term and monthly payment goal

  Choose whether to shorten for interest savings or extend to lower payment

• Check and document your credit score and history

  Pull free reports, note inaccuracies, and record current scores for lender tiers

• Improve credit where possible before applying

  Reduce card balances, avoid new credit, and correct errors to boost rates

• Gather required documents for the refinance application

  Assemble income, tax, asset, and property paperwork lenders commonly request

• Collect recent pay stubs and income verification

  Provide last 2–3 pay stubs or contractor 1099s if self-employed

• Collect tax returns and W-2s for two years

  Include signed returns and schedules if you have business income

• Collect bank statements, asset proofs, and current mortgage statement

  Gather last 2–3 months of statements and your latest mortgage/escrow info

• Choose at least three lenders to compare

  Include a mix of bank, credit union, and online lenders for balance

• Request Loan Estimates from chosen lenders

  Ask for a Loan Estimate (LE) for the exact loan term you're considering

• Compare Loan Estimates line-by-line

  Compare APR, total cash to close, origination fees, and rate lock terms

• Run amortization scenarios to compare lifetime interest and savings

  Model different rates and terms to see total interest and payoff timelines

• Verify home equity and loan-to-value (LTV)

  Calculate LTV (loan balance ÷ home value) to assess PMI or cash-out options

• Decide whether to roll closing costs into the loan or pay upfront

  Compare lower upfront cost versus higher financed principal and interest

• Obtain a rate lock or pre-approval when satisfied with an offer

  Confirm lock duration, fees, and any conditions to secure the quoted rate

• Review the Closing Disclosure and confirm final terms before closing

  Compare to the Loan Estimate, confirm cash to close, schedule closing, and verify wire instructions

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