Latest News

  • Patty Arvielo Selected to Speak...

    Facebook invited Arvielo to share her life experiences, upbringing as a Latina, lessons learned as an entrepreneur, and accomplishments as a means of helping leaders within the company grow...

    Read More »
View all articles »

Blog RSS Feed

HARP: The Final Countdown to...

If you are among the more than 300,000 homeowners who still qualify for HARP refinancing, you could be paying more for your home’s current mortgage then you need to.  

Read More »
All Blog Posts»
Refinance loan process.

How to Refinance a Mortgage

When you decide to refinance your home loan, our experts are here to help you through the loan process.

Refinancing your home is, in many ways, a similar process to qualifying for a mortgage. Depending on which refinancing loan option you choose, the list of required documents may change, but generally, you’ll need to submit:

  • Proof of income: In order to qualify you for a loan, you’ll need to show original pay stubs for the last 30 days.
  • Copy of homeowners insurance: Verifies that you have current and sufficient coverage on your home.
  • Copies of your W-2 forms: Verifies past employment and income history.
  • Copies of asset information: These can include statements of savings, checking and 401(k) accounts and investment records for mutual funds or stocks.

After you’ve turned in all the necessary materials to refinance your mortgage, we will work with you to decide which loans will help you achieve your financial goals. Then, we’ll review the required paperwork, coordinate a home appraisal and evaluate your credit in order to determine if you’re eligible for the loan.

Home Appraisal 
An important part of refinancing a mortgage is getting a home appraisal. This is simply a written estimate of the value of your home, which lenders use to determine what type of loan you qualify for. 

Closing Your New Mortgage
Once you’re approved for your new mortgage, the closing process can begin. At that point, the new mortgage becomes your official mortgage of record and the refinance is complete. Your old loan will be paid in full, and you can begin payments toward your new loan.

Contact New American Funding today to see how easy refinancing your home mortgage can be.