Mortgage Process - Refinance

Generally speaking it takes 30 days to close a Refinance Loan. This time can be significantly reduced if the borrower has good credit and limited documentation is required. We can have your Automated Approval in less than 24 Hours!

Day 1: Application

Application is completed On-Line (5 Minutes), by Fax (10 Minutes), by Phone (10 Minutes), or in person at our Office (30 Minutes). Financial Information collected, credit ordered, and the process begins.
 

Day 2: Automated Approval

Loan Officer inputs your information into our Loan Origination System and seeks Automated Approval for your Loan. We can get your Automated Approval in less than 24 Hours!
 

Day 3-15: Processing

Loan Officer and/or Processor gathers up any documentation or verifications not supplied by you at initial loan application (This may include current Bank Statements, W-2s, Pay-Stubs, etc.) The completed loan package with your signatures is overnighted to the Lender. Appraisal and Title Work are ordered at this time by your Loan Officer and/or Processor. It is a good idea at this point to make the necessary changes to your Home Owner’s Insurance (ie. minimum coverage in the amount of the new loan amount, loss/payable clause showing name of new lender, etc.) Your Loan Officer and/or Processor can help you with this.
 

Day 16-20: Lender Underwriting

Underwriter reviews the entire loan package. He/She will call your Loan Officer with any questions. Note: It is extremely important to respond your Loan Officer immediately on any Underwriting question. (It is the Underwriters job to verify that the information you supplied initially at Application for your Automated Approval matches up with what is actually in the Physical Loan Package).
 

Day 21-25: Pre-Closing

All loan conditions are met. The loan is clear to close. The loan is sent to the closing department and is scheduled to close.
 

Day 26-30: Closing

Closings generally take place at a local Title Company. The day before Closing you are given the total amount of funds you will need (assuming you need to bring money to Closing. Often times with a Refinance you are getting money at Closing). At Closing you will need: Certified Funds (if applicable), updated Home Owner’s Insurance with paid receipt, and a valid Driver’s License or Photo I.D. Closings generally take 1 hour.
 

Congratulations, you just refinanced your home!