Joanne Marie Tucker

Joanne Marie Tucker
Residential Mortgage Loan Originator

o: FAX817-329-3487

Mortgage Refinancing Steps

1. When you refinance a loan, this simply means you use money from a new loan to pay for your current loan. Whether you want to decrease debt or lower your interest rate, refinancing can offer many benefits.

Getting Started

2. Complete a loan application - you can do this online or print the application and then fax it to 1-877-265-4658.

 Depending on the loan, you may need to submit pay stubs, tax information or bank statements to gain approval. After you get approved, you will be in contact with your loan processor to outline any extra details or conditions needed to arrange the documents. In addition, this is when your loan processor will need to verify that things such as employment, rental history and mortgage information are correct.

Coordinating Title, Escrow and Appraisal

5. In order to confirm the title to the property is clear of any problems and also request settlement of any recent mortgages, a title insurance or escrow company is contacted. You will need to have your home appraised at this point to know your property value. Knowing your property value is essential during a refinance because your home's worth can affect your interest rate or cash potential.

Preparing Loan Documents

6. Getting homeowner's insurance is necessary when preparing loan documents. Your loan processor and insurance agent should communicate regarding coverage. Once that's done, you will also need to ensure any lender conditions or requirements are submitted to the underwriter. The underwriter will review and confirm all conditions, and then the loan documents are drafted. This may take a couple of days. When complete, the lender sends the documents to the title and escrow company.

Final Steps

7. The title and escrow company will review all the information and then will coordinate a time for you to sign the documents. You will also bring money to pay closing costs. The title and escrow company will give you the cost. The signing process can take up to an hour and you will get a copy of all signed documents at the end. Finally, the lender will receive and review your loan documents. If everything's in order, the funds will be sent to the title and escrow company. The title and escrow company will send the funds to your other mortgage company in order to pay off current loans, and then they will document the transaction with your county.

Approval Center: Get prequalified today!