Refinance: replacing your existing mortgage loan with a new loan.
Reasons to Refinance
- lower interest rates
- change the duration of the loan
- pay off personal debts
- home improvement
- eliminate mortgage insurance
- cash out
- personal reasons
Regardless of the reason, there must be a discernable benefit to the borrower in order for us to proceed with your new loan. After the 2008 crash, our regulators of the Board of Governors and the Consumer Finance Protection Bureau set protections in place to ensure a safe environment for the consumer.
- Request financial documents: Loan Processor will assist with this process
- Loan disclosures: Review, approve, and endorse loan disclosures.
- Appraisal: Once you have reviewed and endorsed your fully-disclosed loan terms, the appraisal will cost $400.00. Accepted forms of payment: credit/debit.
- Underwriting: Once the appraisal is complete, your entire loan will be reviewed by the underwriter.
- Loan documents and closing: Once the underwriter issues the approval, the loan documents will be drawn. We will send a notary to your home to review the final loan documents with you. Once we receive the endorsed loan documents, we will prepare the closing.