Business Meeting

REFINANCE PROCESS

Calculator

Step 1

Consultation

Refinancing a home can be a powerful way to build wealth and financial stability. 
 

Common Refinance goals include but are not limited to the following:

  1. Reduce Rate/Payment

  2. Shorten Term

  3. Debt Consolidation

  4. Cash-Out for home improvements or other investments

  5. Eliminate Mortgage Insurance

Step 2
Lock Rate

After we determined the best loan option to achieve your financial goals, we would secure your loan terms.

If you like the final terms, it is important not to delay in moving forward.  Mortgage options change daily and depending on how much your loan amount is, the daily changes can sometimes have a significant impact.

Step 3

Processing

Our team will combine all of your information as well as the information from all third parties and submit it to underwriting

Step 4 

Underwriting

The underwriter will review submitted information in two steps.

  1. Initial Underwrite, to confirm income and credit meet investor guidelines.
     

  2. Final Underwrite, to clear any final conditions.

STEP 5
Closing

Our closer will work directly with the title company to make sure all final figures balance before you sign for your new mortgage.

 

A)  Review Final Terms


After reviewing and agreeing to the final terms of the mortgage we would lock your rate on the secondary market so that your terms are protected from market volatility.




B) Confirm Rate Lock


To confirm the rate lock we would review and sign the initial disclosures within 24 hours.
In many cases, with refinances, an appraisal may not be required depending on the area and supported data. If an appraisal is needed, we would order this upfront to finish confirming your rate lock.





A)  Review Final Terms


After reviewing and agreeing to the final terms of the mortgage we would lock your rate on the secondary market so that your terms are protected from market volatility.




B) Confirm Rate Lock


To confirm the rate lock we would review and sign the initial disclosures within 24 hours.
In many cases, with refinances, an appraisal may not be required depending on the area and supported data. If an appraisal is needed, we would order this upfront to finish confirming your rate lock.





A) Your Part During Processing


We collect initial documentation that verifies your income against current debts and housing liabilities. If the transaction requires cash to close, we would also collect financial statements. Because everyone's scenario and life circumstances are different, the documents we need to collect can vary greatly from one borrower to the next. My team will keep you informed every step of the way.




B) Our Part During Processing


​The majority of items completed in processing are on the backend. The processor will work with various parties- Title company, your Insurance Provider, and others- to ensure the underwriter has everything they need to fully approve your new loan.





A) Initial Credit Decision


The underwriter's first review is to determine that income and credit are sufficient with your new house payment and current liabilities. Once your ability to repay has been confirmed, they will inform the processor of any items needed to issue final approval.




B) Final Underwriting


The second review will determine final approval based on all documents received from you and third parties involved in the transaction.





A) Clear to Close


Once approval has been issued, the file will move from underwriting to a closer on our team. The closer will balance all closing costs with the title company to ensure all numbers are exact and true.




B) Final Closing Disclosure


After balancing, the closer will issue a final closing disclosure to you and they will provide the Title company the closing packet to close with you. If you elected to use our preferred title/settlement company, normally, you will close at your own home or any location you choose. If you elected to use your own title/settlement company you would likely close at their office.




C)  Funding


For primary residences your loan will fund three full business days after closing. For secondary and investment properties, your loan will fund the same day.