You’ve decided that it is time to refinance! First, you submit your financial documents and fill out an application. We collect everything up-front to make sure there are no surprises down the line, reviewing all documents in detail to make sure everything goes smoothly. After reviewing your documents and discussing refinance options and new payments with you, we can get started with your refinance!
2. Rate Lock/Order Appraisal
The first thing to do is to lock in your rate and get the appraisal ordered. We will finalize the terms of your loan and send you your loan disclosures for you to sign and send back. You are well on your way; after this step you can relax and know that everything is being handled at one of the most efficient mortgage companies in the country.
Unlike most banks, we have processing and underwriting in the same exact office as our loan officers. This means that everything is handled with the utmost efficiency, and we don’t have to worry about a last-minute file from a different office getting precedence over yours. The processors on our team order title work, run any loan compliance checks, and more. They basically get your loan completely ready for underwriting.
The underwriters are the ones who can make a lending decision for the bank. They review the entire loan package (including any income and asset documents), the purchase contract, credit reports, the appraisal, any audit compliance checks, and more.
4. Financing Commitment Letter/Conditions
You made it!Typically 10-14 days after locking in your loan, the appraisal is in and your loan is through underwriting. At this point the commitment letter can be issued.We will communicate with you the remaining items needed and as soon as we get them from you the loan goes back to our in-office underwriters for final sign off and approval.
5. Closing/Loan Package Delivered to your Title Company
Not only do our processors and underwriters work in the same office as us, our closers do too! This means that our closers can work on your file early and get the loan package over to the title company well in advance of settlement. The title company is the one who is responsible for preparing your final numbers for settlement.
6. Final Numbers for Closing!
At most other banks you may be lucky to get your numbers the day before or even morning of settlement. Since we are so efficient, you will typically have your final numbers delivered to you well in advance of settlement and often for less than we had initially estimated!
At this point you will have an exact dollar figure the title company will be collecting from you on settlement day. This avoids the typical last-minute stress during what should be a stress-free time.
Get your signing hand ready! You are just about done. Time to sign all of the paperwork and walk away with a new mortgage!
Contact Nick Pakulla Today
Which loan type is right for you? Whether you’re ready to start the mortgage process or just want to learn more about your options, contact Nick Pakulla today.
We’ll be glad to answer your questions and help you get started on buying or refinancing your next home
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