To continue enjoying all the features of Navy Federal Online, please use a compatible browser. Confirm your browser capability.

6 Steps to Refinancing Your Mortgage

Are you ready to refinance your home loan? We're here to guide you through the process. The following information will help you get started.

  1. Step 1

    Submit Your Application

    Sign in to online banking using the link below with your Navy Federal username and password. Select “I want to refinance my home” and follow the steps to submit your application.

    Ready to start on your mortgage finance application? Apply here.

  2. Step 2

    Gather Key Documents

    When you apply for your loan, you’ll be able to upload key documents to verify your income, assets, debts and other information. Having these documents on hand will make the process faster and easier. Documents may include:

    • W-2s, 1099s and other tax documents
    • paystubs
    • asset statements (checking, savings, retirement accounts, etc.)
    • debt statements (mortgage, auto loans, credit cards, etc.)

  3. Step 3

    Receive Your Loan Estimate

    Within 3 days of submitting your application, we’ll send you a Loan Estimate that provides important information about your loan, including the estimated interest rate, your monthly payment estimate and expected closing costs. After you review it, call or email your loan officer within 10 days to confirm that you’d like to proceed with your application.

  4. Step 4

    Get Your Home Appraised

    From there, if required, Navy Federal will arrange for an appraiser. We’ll give you a copy of the approved appraisal report after it’s completed.

  5. Step 5

    Get Final Approval

    After you’ve submitted all the required documents, it typically takes 30 to 45 days to get final approval and close on your loan. Your loan officer will contact you when your loan is approved.

  6. Step 6

    Attend Closing

    On closing day, you’ll sign your closing documents. Soon after, we’ll mail you loan-payment information. For convenient payment options, visit our resources page.

Ready to get started?

Apply Now

Refinancing FAQs

Refinancing is when a homeowner gets a new home loan to replace their current one. 

Most often, people refinance to get a better loan with a lower interest rate or a shorter term. Other reasons to refinance include: 

  • getting cash equity out of your home
  • lowering your interest rate to reduce your monthly payment
  • shortening the term or length of your loan—your monthly payment may increase, but you’ll pay less interest over time
  • changing to a different type of loan, such as a fixed-rate loan 
  • adding or removing people from your loan (often due to a marriage or divorce)

There are many ways to refinance your mortgage. Here are some of the most common types. 

Rate and Term: This type of refinancing allows you to lower the interest rate and/or shorten the term length of your loan, which could give you a lower monthly payment and save you money on interest.

Principal Reduction: This refinance loan is where you make a lump sum payment on your current loan. If it reduces the principal balance significantly, you could net a lower rate on your refinance and/or reduced monthly payments.

Cash-Out: This loan allows you to use your mortgage loan to get cash equity, by raising the overall amount of your loan. You can use this money for whatever you’d like, such as home improvements, debt consolidation or college tuition. 

Rate Conversion: This type of loan allows you to convert your adjustable rate mortgage (ARM) into  a fixed rate or convert your fixed-rate mortgage into a lower fixed rate.

Homeowner Resources