How to Refinance a Mortgage With a High Credit Score
- 1). Determine your home's value. You can do this by having a formal appraisal (which the lender may require anyway) or by comparing the prices of recently sold homes. You need to know your home's approximate value because the bank typically will only allow you to do a refinance if the house is worth more than you owe.
- 2). Get quotes from several lenders. You want to shop around to make sure you get the best rate that your high credit score will afford you. You can contact your existing mortgage lender, since refinancing with them may be easier, but don't just get one quote. If you find a better interest rate or offer elsewhere, your existing lender may be willing to beat that rate.
- 3). Apply for a mortgage refinance with the lender offering you the best deal. You will need to fill out an application that asks about your income and about the terms of your existing loan.
- 4). Close on the mortgage and pay fees and costs. There are often application fees and title search fees associated with refinancing the house, so you will need to pay those when you close on the loan and complete the refinance.
