How Does Refinancing Work
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
1. Apply for a New Loan, Just Like You Did the First Time
Refinancing starts with a new mortgage application. You’ll provide updated financial information—like pay stubs, tax returns, and credit history—just as you did for your original loan. The lender will also order a home appraisal to confirm your property’s current value.
2. Your New Loan Pays Off the Old One
3. Enjoy the Benefits—If the Math Works
Refinancing can help you:
- Lower your monthly payment
- Shorten your loan term
- Switch from an ARM to a fixed-rate
- Tap into equity with cash-out refinancing
Just be sure to factor in closing costs and compare the total savings over time. Refinancing should move you closer to financial freedom—not farther away.
Wondering If Refinancing Is Right for You?
Download our free “First-Time Buyer Game Plan” eBook — includes a refinancing worksheet and decision checklist
Chat live now to compare your current mortgage with today’s best options
Schedule a call with a Stairway Mortgage advisor to explore how refinancing can help you reach your financial goals
At Stairway Mortgage, we don’t just help you buy—we help you refinance wisely and grow wealth over time.
Ready to Take Your First Step?
Skip the guesswork. Take our quick Discovery Quiz to uncover your top financial priorities, so we can guide you toward the wealth-building strategies that fit your life.
- Takes just 5 minutes
- Tailored results based on your answers
- No credit check required
Need a Pre-Approval Letter—Fast?
Buying a home soon? Complete our short form and we’ll connect you with the best loan options for your target property and financial situation—fast.
- Only 2 minutes to complete
- Quick turnaround on pre-approval
- No credit score impact
Got a Few Questions First?
Let’s talk it through. Book a call and one of our friendly advisors will be in touch to guide you personally.
Schedule a CallRelated Posts
