Refinance2025-03-26T21:26:52+00:00

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Use your home equity and withdraw cash.

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Steps to refinance a home.

Refinancing a home involves several steps, which can vary slightly depending on the lender and your specific situation. However, the general process typically includes the following steps:

Evaluate Your Reasons for Refinancing

  • Lower Interest Rate: If current rates are lower than when you originally took out your mortgage, refinancing could save you money.
  • Change Loan Terms: You might want to shorten or extend your loan term.
  • Access Home Equity: A cash-out refinance allows you to tap into your home’s equity for other financial needs.
  • Switch Loan Type: Refinancing could allow you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or vice versa.

Check Your Credit Score and Finances

  • Credit Score: We will check your credit score, which will affect the interest rate and loan terms you’re offered. A score above 580 is typically needed, but higher scores may qualify for better terms.
  • Income and Debt: We will also evaluate your income, debt-to-income ratio (DTI), and other financial factors.
  • Home Equity: Ensure you have enough equity in your home. A good rule of thumb is at least 20% equity for a better rate, but this can vary.

Gather Documentation

  • Proof of Income: Recent pay stubs, W-2 forms, or tax returns (for self-employed individuals).
  • Proof of Assets: Bank statements or retirement account statements.
  • Credit Information: Details of existing debt, such as your current mortgage balance, credit cards, and loans.
  • Property Information: Documents related to your home, such as the deed, property tax statements, and homeowners insurance.

Apply for the Refinance

  • Submit Application: Complete the application with us, providing all required documents.
  • Pre-Approval: We may offer pre-approval, giving you an idea of the loan terms you qualify for before submitting a formal application.

Lock in Your Interest Rate

Once your application is approved, you can lock in the interest rate. A rate lock ensures the rate won’t change while your application is processed, typically for 30-60 days.

Home Appraisal (If Required)

  • We may require a home appraisal to determine the current value of your home. If you’re refinancing for a cash-out option, this step will help confirm your available equity.
  • In some cases, an appraisal may not be needed if you have significant equity or meet certain criteria.

Underwriting

  • We will review your application and supporting documents to verify your financial status, home value, and other details.
  • The underwriting process can take anywhere from a few days to a few weeks, depending on the complexity of your application.

Closing

  • If approved, you will move to the closing stage, where you sign the new loan documents.
  • During closing, you’ll also pay any closing costs, which can be rolled into the loan or paid out-of-pocket, depending on your arrangement with us.
  • After signing, we will pay off your original mortgage, and you’ll begin making payments on your new loan.

Start Making Payments

Once your refinance is complete, you’ll begin making payments on your new loan, typically with different terms than your previous mortgage.

Questions about the refinance process?

Elevations Lending reviews

Your premier mortgage company with top-notch lending services.

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Rating 5.0 / 5.0 (8 total reviews)

Mesharia is one of the best and most creative lenders that I have worked with in my 20 years in real estate. You cannot find another lender that will help you get the most for your money!

Mike Wadsley

Colorado, USA

Mesharia is incredible! She worked with us throughout our 9 month home search and provided weekly rate updates. In addition she talked through alternative options to maximize our investments and minimize our payments. Incredibly responsive and just an absolute joy to work with. 100% would work with her again.

Brandon Zabrocki

Colorado, USA

Mesharia was wonderful to work with! She worked so hard for us as we bought our first home. She was communicative and timely. She went above and beyond for us, and we couldn’t be more grateful!

Stevie Harbour

Colorado, USA

I have never had such awesome service as I have had from Brandon. Not only is he an expert in every financial question I have asked, but he is also super responsive no matter the day or hour. I trust Brandon to always offer me the best and well thought out options. He will be my only lending representative I need for the rest of my life. Thank you, Brandon!

Sonya Cox

Colorado, USA

Brandon is incredibly helpful and knowledgable! He made us feel as confident and informed as possible through the whole process of buying our first house, and he had so much patience while doing so. Looking forward to our future working together.

Bowen Morlan

Colorado, USA

My recent experience with Elevations Lending Parker, Colorado was 5-Star from start to finish. Brandon Floyd was my loan officer and exceeded my expectations from day one. Buying a home is a stressful process to begin with but Brandon was there for me and my family every step of the way. From guaranteeing my loan in less than 24 hours, staying calm and professional through all my questions, to being there with me the day we closed! Brandon even reached out to me a few times after we closed on our property to make sure we were doing okay and if we had additional questions. I cannot say enough about the individualized attention and care we received. I highly recommend Elevations Lending to anyone looking for a quality product, timely and sincere start-to-finish attention to detail and outstanding customer service!

Gary Garland

Colorado, USA

In my 50 years of buying and selling homes, most during frequent military assignments, and then recently, for our retirement home in Colorado, Elevations Lending has been BY FAR the most service-oriented, and customer-focused lending agency I have ever experienced!! Brandon Floyd impressed me and my wife, from our first meeting, as someone whose sole attention was for our satisfaction. He was available every step of the way, but more than that, he cleared the path ahead to insure a smooth and timely destination — the signing and buying our dream home! Never have we experienced such personal attention during what could otherwise be, a stressful process, and even after the date of closing, where others walk away, Brandon stays in touch, with market updates, and monthly “HomeBots” to demonstrate that we, indeed, made a good investment. Outstanding, in every sense of the word!

Super Mario

Colorado, USA

I am so excited to leave Brandon’s first review with Elevations because he was THAT great to work with. Brandon is an absolute rockstar. I cannot say enough good things about working with him for our home-buying process. He and I probably spent 5+ hours on the phone collectively and he was always patient and kind explaining something as tricky as a VA loan. He was prompt in responding, thorough in explanations and estimations, and always made time for my millions of questions. He took something as complicated as buying a house in Colorado (OY!) and made our family feel supported and informed every single step of the way. We never knew if we would be able to buy in Colorado due to how pricey it is here and with Brandon’s help, we secured a beautiful home with a fabulous mortgage. He was so conservative in his estimations, we felt as if we made out like bandits at closing. I could sing his praises all day, but I think you get the point. We will not allow anyone else in Colorado to be our loan officer from henceforth, and if you want to be in great hands then you’ll do the same. THANK YOU SO MUCH BRANDON!!!

Cheyenne Danter

Colorado, USA

We have mortgage professionals trained and ready to help you with your refinance goals.

We have mortgage professional trained and ready to help you with your refinance goals.

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Your journey to confidently select the best loan options to meet your needs. 

Why choose Elevations Lending?

  • quality customer service

  • guide you through the entire lending process

  • work continuously on your behalf to help you achieve your goals

  • expertise in the residential lending and investment industries

Refinance FAQ’s.

Empowering your mortgage lending choices globally

What are the costs of refinancing?2024-12-26T04:02:25+00:00

Refinancing costs typically range from 2% to 5% of the loan amount. These may include application fees, appraisal fees, closing costs, title insurance, and other charges.

What are the benefits of refinancing?2024-12-26T04:02:43+00:00

The main benefits include reducing your monthly mortgage payments, lowering your interest rate, shortening or extending the loan term, or accessing home equity for home improvements, debt consolidation, or other financial needs.

Why should I refinance my home?2024-12-26T04:03:00+00:00

Homeowners refinance to secure a lower interest rate, reduce monthly payments, change the loan type (e.g., from an adjustable-rate mortgage to a fixed-rate mortgage), or tap into home equity for other expenses.

What is home refinancing?2024-12-26T04:02:08+00:00

Home refinancing involves replacing your current mortgage with a new one, usually with different terms, such as a lower interest rate or a change in the loan’s duration.

What information and documentation do you need to refinance?2024-12-23T01:24:11+00:00

Refinancing requires a combination of financial documentation, including proof of income, credit score, and home value. Be prepared for an appraisal and to show the lender that your current mortgage is in good standing. If you meet the lender’s requirements, refinancing can result in better terms and lower monthly payments.

Here’s a list of the key requirements for refinancing:

  • Proof of Income
  • Credit Score
  • Current Mortgage Information
  • Home Appraisal
  • Property Information
  • Debt-to-Income (DTI) Ratio
  • Closing Costs
  • Employment Verification
  • Refinance Purpose
  • Additional Documentation (if applicable)
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(720) 689-7077

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Parker, Colorado 80134

NMLS ID: 2370302

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2025 Elevations Lending LLC, NMLS ID: 2370302, is an equal housing lender.

2370302, Elevations Lending LLC, 720-689-7077, 2020751, Elevations Lending LLC, 720-689-7077. The principal, interest, and MI payment of a $200,000 30-year Fixed-Rate Loan at 6.625% and 97% loan-to-value (LTV) is $1340.62. The Annual Percentage Rate (APR) is 7.188% with estimated finance charges of $5,600. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. Rates current as of 1/16/2025 and subject to market changes. Subject to borrower approval. Some exclusions may apply.

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