The Refinance Process
Step 1: What are your goals?
One of the most important steps before deciding whether or not refinancing can benefit you is to determine what your objectives are. Is your goal to reduce your monthly payment or pull cash out of your equity for home improvements or debt consolidation? Are you looking to switch from your adjustable rate? Once you determine your goals, you can take a look at the various loan programs available to decide which loan option helps you achieve those goals.
Step 2: Inquire online or call one of our licensed Loan Officers
Once you've defined your goals and researched all the loan options available, you can submit your information online or pick up the phone to speak with one of our mortgage experts. Your Loan Officer can answer any questions you have about the loan program you're considering or can make a recommendation for you given your individual goals. We'll make sure that you understand every detail of your loan program and answer any questions you have before moving forward. When you're ready, you can apply online or call us to speak with a licensed Loan Officer.
Step 3: Select your loan program
If you decide you'd like to move forward with the refinance, your Loan Officer will confirm your loan program, rate, and payment and will answer any questions you may have. At this point, you can lock in your interest rate to protect you against any fluctuations in the market.
Step 4: Submit your documents
Your licensed Loan Officer 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 also send you some preliminary disclosures such as the good faith estimate and truth-in-lending disclosure to review and sign, which explain 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.
Step 5: Processing
After we receive all your documents, your Processor will contact you to go over the next steps, which includes ordering the preliminary title report, and coordinating with all the necessary parties to ensure your loan progresses smoothly and quickly. Once we have everything we need, your loan file will be submitted to the Underwriter for review and formal approval.
Step 6: Close your loan
Upon approval, we will contact you to schedule a loan document signing appointment. This appointment will generally take an hour and can be done at the convenience of your home or at an approved settlement location.