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How does the ReFi process work?

Here are some of the steps taken during the refinancing process: 

      1.   Compare, compare!

You’re the customer- right? So take your time and shop through our different loan and interest rate options. It’s important to compare rates based on your specific goals. For example, if your only going to stay in the home for a short period of time may be taking a zero-point mortgage might not save you as much as a lender credit zero closing cost loan could. Our home loan experts will outline all of the options for you to compare on black and white which option is right for you.

      2.   Appraisal

Before the mortgage company solidifies the mortgage amount, they may want to send an appraiser to your property to make sure the “home’s value” correlates with the lending amount before they issue out a mortgage.

      3.   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.

      4.   Have your paperwork ready!

In order to take out any loan, you’ll need to have those financial documents ready to go! You’ll typically need at least 1 to 2 years of the following:

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

      5.   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.

      6.   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.

      7.   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 in better conditions!)

Click Here – to download our Refinance Guide. 

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