Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

How Long Does It Take to Refinance a Mortgage?

Sponsored Content: Refinancing can help you take advantage of lower interest rates and decrease monthly payments on your home loan. But it involves creating a new mortgage to replace your existing one, so you’ll go through the document collection, appraisal, underwriting/approval, and closing processes again.

Before deciding whether to get a mortgage refinance from Discover® or another lender, it’s important to understand how long the process takes.

How long does mortgage refinancing take?

The amount of time it takes to refinance a mortgage depends on many factors, like how long it takes you to submit documents and how long it takes your lender to complete the underwriting process.

How to refinance your mortgage

1. Choose a lender

Research lenders to compare available rates and loan terms. Look out for each lender’s fees (like credit report fees and underwriting fees), and whether they offer credits or discount points to help lower costs.

2. Submit documents for approval

Lenders will request access to certain financial documents and information, like:

  • Credit score
  • Current mortgage
  • Monthly debts
  • W2s and 1099s
  • Proof of assets
  • Tax returns
  • Credit card and bank statements

Once you submit these documents, lenders will use them to approve your loan and offer certain terms and rates.

3. Set your terms

Upon approval, you can work with your lender to choose the best loan terms for your financial needs.

For example, consider your:

  • Interest rate
  • Monthly mortgage payments
  • Repayment term
  • Amount of cash out, if applicable
  • Credits and discount points
  • Closing costs

4. Conduct an appraisal

Your lender may require an appraisal to gauge the current value and equity in your home. Borrowers commonly cover the cost of the appraisal upfront, though some lenders like Discover Home Loans may waive this fee (unless you pay off your loan within three years of initial funding) or roll it into your monthly payments.

5. Close on the loan

When you close on the new mortgage, your old mortgage will be paid off, and your refinanced mortgage will be financing your home. At this time, you also may have to pay closing costs, like loan origination, processing, and insurance fees.

The bottom line

Although mortgage refinancing can take some time, the process can offer many potential benefits to homeowners. Just make sure that you understand the process beforehand, so you make the best choices for your financial goals.

Contact Information:

Name: Michael Bertini
Email: michael.bertini@iquanti.com
Job Title: Consultant

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