What go into Refinancing your ARM to a fixed-rate mortgage, step by step? What costs could be invloved?
Answers:
With the exception of having to find a house and make a bid/offer on the house, the steps to re-financing are like peas in a pod as the steps to financing. You will need to find a bank or run through a mortgage broker, fill out an application, have the house appraised, submit the required paperwork (employment income stubs, copies of bank statements, etc.), wait for the loan to be processed and approved, run to closing and pay the closing costs. About the only cost you pick up is the cost for an inspection.
If you still have the papers from when you originally closed, pull out your closing sheet to get hold of an estimate of how much you will need (do not worry going on for the real estate agent's commission but make sure to incorporate in to your side any of the costs the seller shared).
It is one and the same as refinancing a fixed-rate mortgage to another fixed rate mortgage. Same steps, same process, same closing costs. You will still need an appraisal, you will need to sign adjectives the same documents, and you will need to bring within all your same information...income, assets, etc.
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