Checklist: Refinance

Refinancing a mortgage involves many of the same steps you encountered when you purchased your home, plus there may be a few new steps. To help you navigate the refinancing process, we’ve prepared this checklist of what’s involved.

For more information, or to get your refinancing process started, visit a Comerica banking center
or call an experienced Comerica Mortgage Loan Specialist at 800.867.5188

✓ Benefits of Refinancing
✓ How Much Do You Owe?
✓ Get Prepared Now!
✓Home Insurance and Your Rights

Benefits of Refinancing

• Is your goal to lower your monthly payments?
• Is your goal to shorten the term of your loan?

How Much Do You Owe?

• What is the payoff amount on your existing mortgage?
• Does your current lender charge any fees or penalties for prepayment?
• Use a refinance calculator to determine if refinancing is a good financial decision for you.

Get Prepared Now!

• The specific documents you will need vary depending on your location and loan program, but generally, have available: proof of income, home insurance, and title insurance; copies of your W-2 form; and information about your assets.
• Have a copy of the deed to your home and a copy of your title policy at hand.
• Request a payoff statement from your current lender that includes the daily interest rate. You may need this prior to closing.
• Contact your title company to discover what documents they need. That may include documents from your current lender, your municipality and others. In some states, a survey is required and must be given to the title company in advance of closing.

Home Insurance and Your Rights

• A paid one-year policy for hazard insurance is required.
• The policy should cover at least the amount of the mortgage.
• We become the named mortgagee on your policy.
• During the three-day right of rescission period, you may cancel the loan for any reason.
• Flood insurance may also be required.