What does a mortgage refinance process entail?

The refinancing process

A mortgage refinance is rarely as complicated as an initial mortgage, but you should be aware that the process of refinancing still involves plenty of paperwork and time.

You will have to fill out a full application for a refinance, and sometimes the refinance application can be just as lengthy as an application for a new mortgage loan. Also keep in mind that there are usually closing costs associated with a refinance.

You may need to have an appraisal and/or inspection done on your home before the refinance can be fully approved, although this varies from lender to lender. Some mortgage refinancing companies will bypass appraisals and instead accept a market value analysis on a home. This is often the preferable option as there are generally fewer fees involved.

Refinances do not necessarily have much quicker processing times than initial mortgage loan applications, and refinances go through a legal closing process much like new mortgage loans.