Please complete and submit this form and one of our state licensed Loan Officers will contact you according to your "best time to contact" request. If applying with Co-Borrower, lender determines what is called the "lower middle score" and usually looks at each applicant's middle score. For example, say your credit scores from the three credit bureaus (Experian, TransUnion and Equifax) are 723, 716 and 699, and Co-Borrower's are 688, 657 and 649. Lender will then use the lower of the two middle scores, which is 657. When you refinance the mortgage on your house, you are essentially trading in your current mortgage for a newer one, often with a new principal and a different interest rate. Lender then uses the newer mortgage to pay off the old one, so you are left with just one loan and one monthly payment. The refinancing process is often less complicated than the home buying process, although it includes many of the same steps. When you apply to refinance, lender asks for the same information you gave when you bought the home. You may be required to have a professional appraisal of your home before your mortgage refinance is approved. It mainly depends on the type of loan.