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The Refinance Application Process

Have questions about how to refinance a mortgage? From completing an application to getting approved and closing, refinancing isn't very different from when you bought your home. When you're ready to apply, we're here to help you with the refinance application process.

1. Complete your refinance application

First, you'll be required to complete the refinance mortgage application, including information about yourself and the property. Depending on your lender, you may be able complete your application over the phone, online or in person.

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2. Provide your consent to proceed

After you apply, you'll provide your consent to proceed, giving your lender permission to move forward with your application.

3. Submit your required documents

Your lender will also need documentation that verifies the information you supplied on your application. These documents typically include:

  • Signed disclosures
  • Bank statements
  • Pay stubs
  • Proof of down payment
  • W-2s
  • Tax returns
  • Details of your employment
View document checklist

If you send these documents via email, Citi recommends using SecureZIP to protect any sensitive data they might contain.

4. Get a Loan Estimate

A lender is required by law to provide a Loan Estimate within 3 days of receiving a loan application. This document estimates the fees and closing costs for your loan such as appraisal and origination fee and title work. It also summarizes your loan terms and monthly payment.

More about refinancing costs

5. Get a home appraisal

Before approving your refinance loan, your lender will order a home appraisal to get your property's estimated market value. The appraised value is based on several factors, including:

  • The number and size of the rooms
  • The property compared to homes that have recently sold in the area
  • Amenities or characteristics, that could affect the value

Your lender will consider the appraised value when determining the refinance loan amount and terms.

6. Receive a final decision

After you submit your mortgage application, provide your consent to proceed and supply any requested documentation, your mortgage loan officer will forward your paperwork to a loan processor, who will prepare and review your loan. An underwriter will then review your completed application to make a final decision based on the lender's criteria.

7. Close your loan

Once you've received final approval, you're ready for closing, when you'll review and sign your closing documents, and also pay the costs of processing your loan application.

Start your mortgage application

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