Refinance Process

There are many reasons you may want to refinance your mortgage. Regardless of the reasoning for the refinance, if you do not handle things in the proper order you could end up spending time and money with no benefit to you.

Step 1. Talk with your mortgage professional

The first and most important part of the Refinance process is clearly communicating with your mortgage professional during the application process. The better we understand your situation and your plans for the future the better we can assist you achieve your goals. After the application is complete and we obtain all necessary documentation we will submit the file for underwriter approval.

Step 2. Order the Appraisal

Once you have completed the application process and have  the terms of the financing worked out then it is time to order an appraisal. Appraisals for a single family home cost between $400 and $500 on average so it is important to make sure that  your financing options meet your needs prior to making the financial commitment for the appraisal.

Step 3. Final Underwriting review

Now that you have an appraisal and we no exactly what the property is worth we can make any needed adjustments to the loan file.  The appraisal and any changes to the loan file will then be reviewed by the underwriter once again for final underwriting approval.

Step 4. Sign loan final loan documents

Once we have final underwriting approval the lender will produce and deliver the final loan documents to the Escrow company.  Now you are ready to sign.

Step 5. Funding and Recording

After signing the final loan documents with the Escrow company sends the signed loan documents back to the lender.  The lender then wires the funds from the new mortgage to the Escrow company that then disperse the funds as needed and transfers the Deed to the County Recorders office. 

At this point the transaction officially complete but there is one catch......If your are refinancing your owner occupied primary residence then there is a 3 day rescission period that must take place by law. That means the loan can not fund until the fourth day after signing. For example if you signed on a Monday the earliest you could close would be Friday.