What can I expect during the refinance process?
Summary
In an effort to educate future clients, this is a basic account of the events that take place during a refinance transaction with me. A typical refinance will take about 3 to 4 weeks to complete.
First Contact – In the first contact we will introduce ourselves and talk briefly about what your basic goals are, and set a time for us to take your Application over the phone.
The Application – This is a series of questions that you will know off the top of your head. I want details on your work history, information on your home, and basic financial information. We will briefly review your credit report to identify strengths, weaknesses, and find any inaccuracies in it. At the end of the application, I will tell you how much time I will need to produce your loan options.
Loan Options – At the conclusion of my analysis, I usually come up with one (or more) solutions that will make sense for you to pursue. I will email you one (or more) Good Faith Estimates for you to print before an upcoming phone call where we review them together. At this point you will tell me one of three things.
· You like an option you see, and want to move forward
· You would like a day or two to review the options before choosing
· You would like to either see more options or end the pursuit of refinancing
Locking - This term refers to how we secure the interest rate on your new loan. The bank that your loan is going to, will allow us to “lock in” today’s interest rate that they are offering. They will guarantee that specific rate for a fixed period of time, typically 30 days.
Send You the Application - I will send you the loan application specific to the Loan Option you have chosen. There will be a letter attached that gives you a list of additional documentation that I will need. This list typically requests items like your Pay Stubs, Tax Returns, Bank Statements, etc…
Processing - This is the internal paperwork that I request on your behalf in addition to your application. I will order and collect your Appraisal, Title Report, Home Owners Ins., Loan Payoff Amount, HOA, Flood Certification, and Property Tax info. These items get collected by me without any effort on your part. The Appraisal does require that the appraiser comes to your home for a brief inspection.
Underwriting – Underwriting is the process of a special person reviewing all of the information & documentation to verify that all of the loan requirements are met. The Underwriter has the ability to ask us for more documentation before they approve the loan.
Signing the Documents – This usually takes place at the Title Company and will take from 30 – 90 minutes depending on how many questions you may have. This will actually be the very first time that you see the final numbers on the loan.
Recission Period - The 3 day period that begins the day after you sign to review the final numbers. Your loan will fund after the rescission period is over.
Funding – Funding is the act of receiving the wire of money from the bank to the Title Company. You can now get your money if you wanted Cash out.
JIM CUNNINGHAMCommunity First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
www.communityfirstfinancial.comwww.jimcunninghamcff.blogspot.comhttp://activerain.com/jcunningham
