Question by SimplyHappy: What goes into Refinancing your ARM to a fixed-rate mortgage, step by step? What costs could be invloved?
Answer by Steve D
With the exception of having to find a house and make a bid/offer on the house, the steps to re-financing are the same as the steps to financing. You will need to find a bank or go through a mortgage broker, fill out an application, have the house appraised, submit the required paperwork (employment pay stubs, copies of bank statements, etc.), wait for the loan to be processed and approved, go to closing and pay the closing costs. About the only cost you save is the cost for an inspection.
If you still have the papers from when you originally closed, pull out your closing sheet to get an estimate of how much you will need (do not worry about the real estate agent’s commission but make sure to add in to your side any of the costs the seller shared).
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