The refinancing process

Interest rates are at historic lows. Use our Refinance calculator to see if now is a good time for you to refinance your mortgage.

Refinancing your home allows you to enjoy a number of benefits. You could shorten the term of your loan — for example, from 30 years to 15 years—and own your home sooner, which could save you a considerable amount in interest payments. Or perhaps you're interested in doing a cash-out refinance to you use the equity in your home and get cash to use for a large expense. You could take advantage of a lower rate to reduce your monthly mortgage payments, which gives you extra cash as well.

The process for refinancing is similar to what you experienced when you got your mortgage, though usually faster with fewer required steps. Here's how it works.

Decide if refinancing is right for you

A good place to start is with our Refinance calculator.  Answer a few questions to see if the numbers work in your favor. You'll be asked for your current loan balance, interest rate, principal and interest payment, and the estimated value of your home, so have those figures ready. If the answer indicates that refinancing could save you money, it may be time to contact us. Contact your advisor or call an Ameriprise Bank Mortgage Loan Consultant at 855.340.HOME (4663).

If you are planning to use your home to get cash, compare the benefits of refinancing to other methods. A home equity loan also works well when you want a large sum of cash, and a Home Equity Line of Credit is a convenient way to pay smaller expenses.

Get approved

Contact us and get a refinance loan decision, often in as little as 20 minutes. Get prepared by gathering the information we'll ask for: proof of income, bank and investment information, and your Social Security number. We’ll also ask for permission to get a credit report. Applying is fast and easy.

Prepare for closing

Beforehand, we'll arrange for an appraisal of your property, which may be a simple automated procedure. We'll provide you with a list of the documents needed, which vary based upon your location and loan program, and an "Estimated Settlement Statement" that outlines the approximate closing costs.  Consult your Ameriprise Bank Mortgage Loan Consultant for the amount of certified funds needed for closing. As always, we'll be with you every step of the way.

If you are closing on a second home or investment property, funds will be available immediately. When closing on your primary residence, the funds won't be issued for three business days after you sign the loan documents. During this right of rescission period, you may cancel the loan for any reason.

What's next

Anything you want! Apply the funds to lower your monthly mortgage payment, reduce the term, or use the cash out amount for any purpose you wish.

Apply now

An Ameriprise Bank Mortgage Loan Consultant will help you understand the entire process.

Whether you financed your original mortgage loan with us or not, we'll work to help you get the most out of your refinance, and help make the experience as smooth and easy as possible. If you're ready, we are too.