Step 1: Getting Started
During this step, you will want to work with a loan professional to help you review the options available to you and determine what will best suit your circumstances and needs.
Step 2: Completing Your Application
Now it's time to complete your application. Things like your credit may be pulled and paperwork is collected from you to confirm employment and income as required. Don’t worry, these are things you already have handy like pay stubs, tax forms, etc. Depending on the loan you move forward with, you may receive a Loan Estimate (LE) within 3 days of completing your application, which will give you a complete and detailed breakdown of costs associated with your loan.
Step 3: Bringing It Together
This step includes combining your application with the documents you have provided. We’ll review these items and may require additional paperwork depending on the type of mortgage. If an appraisal is required, it will be ordered during this stage.
Step 4: Reviewing the Facts
In this step, your application and supporting documents will be evaluated in detail. If necessary, we will verify your income and assets, and check the guidelines to make sure we have thoroughly completed the evaluation.
Step 5: Meeting the Criteria
Some applications may meet the initial loan criteria but still need a few more items to move it forward. If this is the case with your application, you’ll be hearing from us to explain what’s needed.
Step 6: Getting to the Finish Line
This is the final step in the mortgage process. You will be hearing from us about any remaining details so we can each make sure we have everything we need. Additionally, if a Title company is needed, they will set up a meeting for you to come in and sign all required closing documents. You will be provided a Closing Disclosure in advance of your closing that, like the loan estimate you got at the beginning, breaks down all the associated costs and elements of your mortgage.
Step 7: Done!
Congratulations! Your refinance is complete.
