10 Steps to Refinancing

Always consider...

1.) Think of Your Objectives

Have a basic “Wish List” of what you want to accomplish with your new loan or refinance. You may want to consolidate debt, plan home improvements or maybe you just want lower monthly payments.

2.) Quick Application

Fill out one quick application here and up to four lenders or brokers are matched up with your specific needs. If you want to specify a special time to receive calls, you can list your preference right on the application.

3.) Design Your Loan

You can choose between loan terms, decide on a fixed rate or an adjustable rate, decide on different cash-out amounts and see the difference in payment. Work with the loan specialists that contact you and ask a lot questions.

4.) Get Qualified

Take an active role in getting pre-qualified through the companies that contact you. Throughout the loan process you will be asked to provide certain documents, normally by fax; these will be used to customize the various offers that you will be considering.

5.) Pick Your Loan Program

Decide which loan program you prefer from all of the qualified offers you are given. You can then compare offers and find out for yourself which company is offering you the perfect loan.

6.) Get Your Home Appraised

After you have chosen a loan program and a company to do business with, the next step will be to have your home appraised. Your loan company will have a local appraiser, who is familiar with your area, contact you and schedule an inspection of your home.

7.) Submit your loan for a Full-Approval

After your home is inspected, the appraiser will send a “Hard-Copy” of the appraisal to the loan company. This appraisal, along with your Preliminary Title Report will be submitted for a full approval. With a fully approved loan, your loan’s interest rate will be locked and your formal loan documents will be drawn up.

8.) “Prior-to-Drawing-Documents-Conditions” may come up

During the formal underwriting period of your refinance, “Prior to Drawing Documents Conditions” may come up. You may be asked to provide more recent or additional documentation that will be used to fund your loan. Try to remember that time is of the essence at this stage of your refinance and any delays may jeopardize the timely funding of your loan.

9.) Schedule the Signing with a Notary

Either a local notary will contact you, or you will be given a local notary’s contact information to schedule a suitable time for you to sign your loan documents.

You can meet the notary at your home or office; the choice is yours. Once the documents are signed the notary will send them by overnight courier to your loan company for funding.

10.) Funding of your loan

The final step is the actual funding of your loan. With the documents signed it is common that “Prior to Funding Conditions” may come up. These would be the only conditions keeping your loan from funding; it would be best to respond quickly to help fund your loan faster.

You can expect to receive any monies you are taking out through the loan in around 3 business days after funding. See your local states Department of Real Estate (or D.R.E.) for more details.

Here is an example of the items that you will need to provide at some point during the loan process

Proof of Mortgage Payment History (mortgage statement or coupon)
Proof of Insurance (or HOA information, for Condo or Townhouse)
Proof of identity (Photo ID, and/or proof Social Security Number)
Proof of income/employment (W2’s, Pay-stubs, Bank Statements)
A signed “Borrower’s Authorization Letter”

Over the phone, NEVER give out the following information

Social Security Number
Bank Account Numbers