How It Works
Your path to a better loan
Phase 1
Review your goals
2
Compare your options and estimated savings
3
Complete your application
1
Talk with an Altitude loan officer about what you want to achieve
Phase 2
Verify and appraise
5
Review and sign your Loan Estimate and initial disclosures​
6
Appraisal is completed, if your loan requires one
4
Provide your income, asset, and current mortgage documents​
Phase 3
Close on your new loan
8
Sign your closing documents​
9
Your new loan funds and your old loan is paid off
7
Underwriting issues final loan approval​
Look beyond the rate: compare your total costs, how long you plan to stay in your home, and your break-even point before you decide.
Timelines vary by loan program and property.
Loan Programs
Choose the Refinance that Fits Your Goal
Lower rate or new term
Rate-and-Term
Replace your current loan with a new rate, a new term, or both, to lower your payment or pay off your home sooner.
Tap your equity
Cash-Out
Borrow against the equity you’ve built for renovations, debt consolidation, or other goals. Your home secures the new loan.
Save on interest
Shorten Your Term
Moving from a 30-year to a 15- or 20-year loan can reduce the total interest you pay, though your monthly payment may rise.
Drop monthly MI
Remove Mortgage Insurance
If you’ve built enough equity, refinancing into a conventional loan may remove your monthly mortgage insurance.
Payment stability
ARM to Fixed
Switch from an adjustable rate to a fixed rate so your principal and interest payment stays predictable.
For FHA borrowers
FHA Streamline
For current FHA borrowers. Often requires less documentation, and an appraisal may not be needed.
For VA borrowers
VA IRRRL
The VA Interest Rate Reduction Refinance Loan helps eligible veterans lower their rate through a streamlined process.
Not sure which fits?
Contact Us
Your loan officer will compare options side by side and show you the real numbers before you decide.
Eligibility, equity requirements, and savings vary by loan program and individual circumstances. Extending your loan term may increase the total interest paid over the life of the loan. All loans are subject to underwriting approval. Altitude Home Loans does not provide tax advice; please consult a tax professional.
Be Prepared
What you may need
Your list depends on your loan and how you earn income. Your loan officer will send a checklist for your situation; these are the most common items.
About your current home
Current mortgage billing statement
Most recent property tax bill
Homeowners insurance declarations page
Most recent HOA statement, if applicable
About your income and assets...
Recent pay stubs, W-2s and tax returns from the last two years, two months of bank statements, and a photo ID.
If you’re self-employed...
Year-to-date profit and loss statement, two years of business tax returns, and a balance sheet if available.
$4,800
Closing costs
Hypothetical figures for illustration only. Your actual costs, savings, and break-even point depend on your loan, rate, and situation.
÷
Monthly savings
$200
=
Break-even
