How does refinancing work?

[Sarah Callahan]

Hey guys! So my husband and I are looking at a property pretty seriously (this would be our first rental if we end up buying). Hoping to get it Owner Financed for a least a year with plans of refinancing with a bank. We've never been through the process of getting a loan, let alone refinancing so just looking for some general guidance on what to expect/what are the steps we need to take? Thanks so much! 

Sarah