If you move your mortgage to a financial institution, your mortgage needs to be refinanced all again. Banks just don’t consider taking over a mortgage — they’re making you start applying for a whole new loan. The process of refinancing your loan is almost the same as your first mortgage — other than you already own the home. Apply for the new loan once you’re established to refinancing and find a bank that provides good terms than your original lender. You will have to face the expense of closing again, too.
Contact the bank you want your mortgage to take over. Set up a mortgage officer appointed to fill in a loan application. Turn up to rendezvous. Take copies of your last two years of income tax returns along with proof of your employment or, if you’re self-employed. Evidence of your debt, such as auto loans, credit cards, and student loans, will also be required. Fill out another Mortgage Officer form. The officer must run your credit report with your consent, and measure your debt-to-income ratio: your monthly expenditures divided by your monthly revenue.
Once you have been approved for the loan, sign the loan documents. If you can not roll the closing costs into the new loan, the day you sign the papers, you will have to pay those. Application fee, title protection and title check, solicitor fees, and a loan origination charge are usually included as closing costs on a remortgage.