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3 Moves to Make After Closing Your Refi Loan

Now that you’ve finished your refinancing process, you’re probably ready to stop thinking about home loans and get back to your daily routine. That’ll come soon—first, there are three critical steps you should take to start your post-refinancing phase on the right foot. 

1. Contact Your Previous Lender

Reach out to your original lender for a smoother transition. Make sure you’re both on the same page about their final payments and any other changes that need to be made now that you have a new mortgage.

2. Set Up Auto-Pay with Envoy

When you’ve cancelled your old lender’s auto-pay service, start using Envoy’s so you can go back to not thinking about making your monthly payments.

3. Reevaluate Your Budget and Goals

This step will take much more thought than the first two, but chances are good you have a head start—you wouldn’t have begun your refinancing journey if you didn’t already have new financial goals in mind. Now that your monthly payment is different, you’ll need to think about how it affects your whole financial picture. If your payment is larger, you might need to tighten your belt in other areas. If it’s smaller, consider the best ways to take advantage of your increased cash flow.

When you’ve made all the arrangements for your automatic payments and spent enough time thinking about how to move forward financially, you can finally take a well-earned breather. Let your loan officer know how they can help!

Contact a Loan Originator Today!