The refinance process

The process of refinancing is actually pretty simple -- just follow these steps:

1. Let's talk! Call me so we can talk about your situation -- what you're trying to accomplish, what's important to you and your employment situation. We'll begin to create your electronic loan application file. I'll prepare a good faith estimate and truth in lending statement, showing you all of the fees that we can see for your file.
2. Credit pull -- with your permission only, I'll pull your credit report and update your file with the information that it has about your monthly payments and current balances on your accounts.
3. Pre-approval -- I'll have your loan application file electronically underwritten to get not only a "thumbs up" on your loan, but also a list of the backup documentation we'll need for your file. Using this approach can dramatically simplify the paperwork!
4. Signing Papers, Round 1 -- I'll send you a shopping list of the backup documentation we'll need, and when you've sent it all to me (by fax or email), I'll send you the application all filled out, just needing your signature. We'll go over it together and I'll show you all of the salient points, including the rate, payment and fees, and where to sign. Drop it on the fax or scan and email it to us.
5. Processing -- With your signed loan docs and all of the backup documentation on hand, we'll order title and (most likely) an appraisal and prepare your loan for submission to the actual human being called the "Underwriter" who will look over everything we're sending to the bank.
6. Conditions -- Two days after receiving our submission, we'll get a "conditional approval" from the underwriter. In it, the underwriter will tell us what remaining documentation we need to send in order to get your loan ready to close.
7. Docs -- After we get our "clear to close," we'll order docs for your loan (that means we'll ask someone to prepare your closing papers.
8. Signing Papers, Round 2: Your closing -- We'll get together (either in your own home or office, or at the title company's office -- whatever is easier for you) with a notary, who will take us through the closing documents and show you where to sign. We'll go over the rate, payment and fees again at the closing, by the way.
9. Rescission period -- The Government has instituted a rescission period of three "business" days (Saturdays count as "business" days, but Sundays don't) during which you can change your mind and cancel the whole transaction.
10. Funding! Your loan funds after the rescission period. The title company overnights payoff checks for any first mortgage that you've had on your property, and any cash out is available to you. We will have set it up to either deposit any cash out directly into your bank account, or to have the title company issue a check to you -- sent overnight to you or held at title for you to come pick it up.

It's pretty simple, actually. You don't have to be completely organized and on top of all of your logistics; I'll help with that.

So call me today, or send an email and let's get the process started for your refinance! .