Step by Step Process for Refinancing
The process for refinancing is very easy and this is how the benefits and improvements are drawn out of the mortgage. We will help explain the process below.
- The Plan and Qualifications – We will discuss your goals, dreams or financial needs and begin to understand what the small and big picture is. We will see if your trying to lower your payment, reduce or add to your term or take cash out. After we know what you would like to achieve, we will discuss the qualifying details.
- Mortgage Details and Application – At this point, you will fill out an application and your mortgage consultant will find you the best possible terms and loan options based on your goals. We will then walk you through your preliminary loan documents and then sign them. When everything is signed, we will need your supporting documents sent in. Your loan will then be in underwriting and you’ll be moving right along!
- Underwriting and Appraisal – When you’re in underwriting, we will keep you posted on any updates that occur. You will also need to schedule a date and time for a home appraisal. The appraisal is an easy step and will be a key part on getting your loan to closing. After the loan is reviewed by your underwriter, it will be given a conditional approval.
- Conditional Approval – If there are any changes to be made on your side or anything needs to be adjusted on our end, we will find the correct solution and get the loan details finished up. Your loan will be cleared to close after all conditions have been met and this should be the last step prior to closing. You’re almost there!
- Closing – You will then schedule a date and time for your closing. You will be given a “Closing Disclosure” and you will have 3 days to review all the details. At closing you will sign your final documents. Congratulations, you’ve refinanced your home!
- We will always be available for any questions and we look forward to building our relationship with you. We will actively monitor your loan and the current market to make sure you have the best loan options and rates. If you need to refinance in the future or if you purchase a new home, we look forward to helping you again.