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Refinancing is often used to lower your interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out). A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.
Another way to convert equity in your home to cash is a "home equity" loan. A "home equity" loan is an alternative to refinancing if your home loan has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan.
To refinance you'll mainly need a current appraisal and analysis as well as verification of assets and income.
Refi Analysis Calculator
See the documentation you will need to hand in to the lender in order to apply for a refinance loan.
Once you are ready to take the next step, it's time to apply for the refinance loan that fits your needs.