November 2019

The ReFi Sixfold Process

The ReFi Sixfold Process

Okay… So you’ve been through this before and now you’re doing it again! Although there are steps in the Refinancing process that mirror the original mortgage process, it can be a smoother (and less hair-pulling & screaming) matter. Here are some ways you can ensure that you’ve checked off all the boxes in the Refinancing checklist; so you may close in a stress-less and timely manner.

Click Here – to download our Refinance Guide.  

Here are some of the steps and topics covered in the Refinance Guide are: 

  1. Compare, compare!

You’re the customer- right? So to get the best get out there and compare! Meet with different Mortgage Lenders, compare the different Mortgage Loans (weigh out their pros & cons), examines fees & costs lurking in the fine print (mortgage rates, APR, closing costs, etc.), and the term of the Mortgage. 

  1. Lock-in that rate!

Remember, Mortgage Interest Rates change DAILY (depending on how the market is doing). With that being said, once you’ve shopped around and located that perfect Mortgage Interest Rate, lock it in! And don’t worry, just because you’re “Locked-in” doesn’t mean that you literally are; If down the road you wish for a change in your Mortgage Terms, certain adjustments may be possible.

  1. Have your paperwork ready!

In order to take out any loan, you’ll need to have those financial documents ready to go! You’ll need at least 2 years of the following:

  • Tax returns (personal & business)
  • W-2’s and/or 1099s 
  • Paystubs 
  1. Processing

Once all the documents are obtained from you, the processing team will get crackin’. Within a few business days, you should receive a follow-up to make sure everyone is on the same page and that nothing is MIA.

  1. The Final Approval

This is the double-checking process where the underwriting team goes in with a fine-tooth comb to approve the paperwork and the terms of the loan.

  1. Get the Funds and the Closing!

After the Mortgage process is agreed upon, you’ll attend a closing where you’ll review the closing documents and sign-off on the terms. Then, viola`! You’re a homeowner! (Well, technically you already are one, but on better conditions!)

That’s it in a nutshell! To learn more about the ReFi process, visit us here.

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