Home Refinance Process
To refinance or not to refinance, is a question many home owners will ask at one point or another. Fortunately, assessing a refinance is rather easy and we take a common-sense approach to the assessment and our process to completion is smooth and lightning fast.
Stage 1: Benefit assessment
Before going through the trouble of having your credit pulled, your home appraised and rounding up documentation, it’s best to compare your current mortgage terms against the terms currently available. To structure cursory loan options, all we need is a current mortgage statement, a general assessment of your credit, and idea of your home’s value and details of what you’d like to accomplish.
Stage 2: Lock the interest rate
Once the benefit has been determined and the loan program and structure has been picked out, it’s time to formalize the process and lock in the interest rate and provide loan disclosures to you.
Stage 3: Underwriting
Next, we gather the required documentation from you, order the appraisal (if one is required), and prepare your file for underwriting. When all conditions have been signed off, final approval is issued, we can move to the final stage.
Stage 4: Closing
The closing department will prepare and deliver loan documents to escrow and you will be scheduled to sign the loan documents in front of a notary. On the fourth business day after signing (for primary residence transactions) your loan will fund and any cash out from the transaction will be disbursed to you.