Step 1: Define the Goals of Refinancing Your Mortgage
Before deciding whether or not refinancing is beneficial, it’s crucial to think about your reasoning and what you hope to achieve by refinancing your mortgage. There are a lot of common reasons as to why you would be considering refinancing. Are you looking to reduce your monthly payment or shift to a fixed rate? Or you want cash for debt consolidation or home improvements? Whatever your reasons are, refinancing can work for you. Once you define your objectives, look at the various loan option available and decide which one will support those goals.
Step 2: Fill out our Online Form or Call one of our Mortgage Planners
Once you’ve realized your objectives and chosen the loan option that best suits your situation, you can fill out our online contact form or pick up the phone to speak with one of our friendly mortgage experts. The mortgage planner will answer any questions you might have, give you more information about the program you’re considering, or provide suggestions based on your individual objectives. We’re committed to ensuring that you know all the details of your loan program before we can proceed. When you’re ready, please contact us to speak with a mortgage planner of your choice.
Step 3: Select your loan program
If you’re certain that you want to forge ahead with the mortgage refinance loan application, the next step will be choosing your loan program. At this point, it’s important to understand the different loan products available for you, how each relates to your situation and what you plan to achieve with a refinance. Your mortgage planner will call to confirm your choice, the interest rate, payments, and will provide answers to your inquiries. You’d want to protect yourself from fluctuations in the market, and this is the point where you lock in your interest rate. You will then receive a lock agreement highlighting the terms of the loan program.
Step 4: Disclosures, Estimates, Verification
Your Mortgage Planner will provide you a list of items for you to send us so that we can verify all your information to get your loan approved and closed quickly. We will send you some disclosures to review and sign, as well as documents that contain an estimate of your closing costs, loan terms, interest rate, and finance charges.
To get your loan approved, we will need to verify all of your information. Your mortgage planner will provide you with a list of items that you’ll send us. Providing correct information is critical for documenting your income and assets, proving your identity, and showing that you’re in a position to repay the new mortgage.
We will also send you some preliminary disclosures such as the loan estimate to review and sign which detail the terms of your rate and loan. In a few days, we will contact you to schedule the appraisal inspection. It is important to schedule the appraisal appointment as quickly as possible to prevent any delays in your closing.
We’ll also need adequate information on the mortgage that you want to refinance. Make sure that all of the information you submit is absolutely accurate; it will help in making the process easier and the closing quicker. You may want to confirm with your mortgage planner that he or she has everything needed. We will contact you to schedule the appraisal inspection. The sooner this is done, the better it is in preventing any delays in your closing.
Step 5: Processing
After we receive all of your documents, your assigned mortgage planner will take you through the next steps, which include ordering the preliminary title report. We will work with all the other necessary parties, including the loan processor, title company, appraiser, and underwriter, to ensure your loan progresses smoothly and quickly. Once we have everything we need, your appraisal and completed loan application will be forwarded to an underwriter for review. The underwriter is going to look carefully at each document to determine whether you qualify for the loan.
Step 6: Close your loan
Once your loan has been approved, you are ready to sign your loan documents. We will contact you to schedule an appointment, which takes 30 minutes to an hour and will be done at a title company. Before signing, we recommend that you carefully review the documents. After you sign the required closing paperwork at the title company, you will have a three-day right of cancellation period.
There you have it! Your old loan gets repaid, and your new loan begins.
Ready to get started? Have any questions? We're here for you.
Contact us today to learn more about our home refinancing loan options.