Looking to Refinance Your Home?
Ready to get started?
Home Financing Process
We are focused on helping you navigate your home financing journey.
1. Contact a C&F local industry expert
Meet with a C&F loan officer either online or in-person and submit your mortgage application. After initial review, you will then be pre-qualified for a mortgage loan.
2. Processing
After your disclosure package has been signed, your loan will move to processing where information will be gathered to submit to underwriting. Services, such as an appraisal and title, will be ordered. During this time, your interest rate will likely be locked in and you will receive a Loan Estimate.
3. Underwriting
The underwriting department will decision your loan and will likely be conditionally approved, meaning it’s approved as long as certain criteria are met. Your C&F loan officer and processor will contact you to collect any additional documentation needed for underwriting conditions and resubmit your loan for final approval if necessary.
4. Closing
Once your loan is through underwriting, it will move to our closing department. Our closer and your settlement agent will work on preparing your final figures. You will receive a closing disclosure to sign no later than 3 business days prior to closing.
5. Congrats! You’ve refinanced your home!
On the day of closing, you will sign your closing package and your refinance is now complete!
Different types of
Refinancing Options
Rate-and-Term Refinance
What it is: Replaces your existing mortgage with a new one—typically to lower your interest rate, adjust your loan term, or switch between fixed and adjustable rates.
Benefits:
- Lower your monthly payment
- Save money over the life of the loan
- Pay off your mortgage faster
- Move from an adjustable to a fixed rate for more stability
Cash-Out Refinance
What it is: Allows you to borrow against your home’s equity and receive cash at closing, replacing your current mortgage with a larger one.
Benefits:
- Access funds for renovations, debt consolidation, or major expenses
- Potentially get a better interest rate than personal loans or credit cards
- Still may lower your monthly payment if rates have dropped
What are the benefits of
Refinancing?
Lower Interest Rates
If interest rates have dropped since you bought your home, refinancing could help you secure a lower rate and reduce your monthly payment.
Home Improvements
Need to make upgrades or repairs? If you have enough equity, a cash-out refinance can give you the funds to tackle home projects.
Major Expenses
Whether it’s college tuition or a wedding, refinancing can help you access cash or free up money in your monthly budget to cover large life expenses.
Change Your Loan Terms
Refinancing can allow you to switch from an adjustable-rate to a fixed-rate mortgage, or shorten your loan term to pay off your home faster and save on interest.
Eliminate Mortgage Insurance
If you’ve built up at least 20% equity, you may be able to refinance into a conventional loan and remove private mortgage insurance (PMI)—saving you money over time.
Buy a Vacation Home
Planning to purchase a second home? Refinancing your current home may help you access the funds needed for a down payment.
Interested in a specific mortgage product?
The information here is provided as a general guide to help you determine if a property may be viable for you. Rates, APR’s & programs are illustrations subject to change at any time. These do not constitute a ‘Loan or Good Faith Estimate’ for payments and closing costs. Everyone’s situation is different and it’s best to be pre-approved for a range of potential prices, payments or loan programs. The information contained herein (including but not limited to any description of the company and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. Restrictions apply. This is an advertisement and not a commitment to lend. C&F Mortgage Corporation NMLS# 147312 Equal Housing Lender.