Refinancing your mortgage may offer many benefits. Keep in mind that when you refinance, you are replacing your existing mortgage with a new one — with new terms, conditions and closing costs. Having a clear understanding of the refinancing process can help you evaluate whether or not it may be a good solution for you.
Refinancing: The movie
Watch a short movie that discusses how the refinancing process works. You can access the movie right on your computer screen and rewind sections that interest you the most.
Step 1: Is it time to refinance?
If mortgage prices are falling or your home has dramatically appreciated in market value, it may be a good time to consider refinancing your mortgage.
Step 2: Assess your needs
Refinancing can provide you with cash that can be used to reduce costly debt, such as credit card balances and automobile loans, with a tax-deductible, lower-interest rate loan. Learn also about cash-out refinancing. 1
Step 3: Get organized
Get to know your credit history, gather together your personal financial information and learn more about the different types of mortgages and rates available.
Step 4: Contact us
Call Chase and talk to a loan officer during the early stages of the refinancing process. Your Chase loan officer will help you explore your options and determine whether or not refinancing is right for you.
Step 5: Benefits for customers
Learn about the benefits of being a Chase customer.
Step 6: The road to closing
You'll need to make a number of important decisions between applying for the mortgage and closing the new loan. Chase can help you prepare. In addition, if you're interested in adding a home equity line of credit, this may be an ideal time to do so.
Step 7: Service continues
Once your refinancing is complete, Chase continues to be a valued financial partner. You can easily review, update and manage your account using Chase Online, our award-winning web site for customers.
1 The amount you save on loan consolidation may vary by loan. Since a home loan may have a longer term than some of the bills you may be consolidating, you may not realize savings over the entire term of your new loan. In addition, your loan may require you to incur premiums for hazard and, if applicable, flood insurance which would affect your monthly payment reduction.
