We are required to send you a package of disclosure documents that describe your loan and the process.
We work with you to obtain all necessary documents to support the information contained on the application.
Depending on the type of refinance you are doing, we may need appraisal of your property before we can process your loan.
All updated information along with the appraisal must be sent to an underwriter for review.
Your loan is conditionally approved by underwriting. There may be a few items needed to complete the loan.
After the underwriter has received all of the information they need, your loan will be Cleared To Close.
Your closing documents will be prepared by us and sent to the title company handling your transaction for you to sign.
After signing your loan documents, you have three days to rescind. After three days, we send funds to the title company to pay off existing debts listed on the closing statement.
To qualify for the HARP 2.0 refinance program, your mortgage must have been originated on or before May 31, 2009 and owned by Fannie Mae. You must also be current on your payments with no lates in the past 12 months. To get started, visit www.fanniemae.com/loanlookup or www.freddiemac.com to see if you have this type of loan. Depending on your geographical location, the appraisal may be waived.
Contact us today for more details. Some exclusions apply.
If you currently have an FHA mortgage, call us today to see if we can save you money each month with a lower interest rate . There is no appraisal involved and less hassle for you. Did you purchase your home on or before May 31, 2009? You can qualify for the adjusted mortgage insurance premium rate starting June 11, 2012.
But don’t wait- call today!
With a conventional refinance, you are required to have your home appraised. If your home’s “loan-to-value” is at least 80% you may have the monthly mortgage insurance removed. Not only could this lower your monthly payment by reducing your interest rate, but you could shorten the term of the loan or even take cash out to pay for other personal necessities.
Contact us today for more details.