PRMI has helped over 225,000 families with home financing. We help first time home buyers!
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Can you save money with a mortgage refinance?
Find out if a mortgage refinance can save you money in minutes – no obligation!
Should you refinance? Reviewing your goals and running a few numbers including your home equity, original loan and current rates can help clarify your situation. Here’s a brief overview to help you understand the mortgage refinance process. Don’t do the math? We can help. Contact us with all your mortgage refinance questions!
Step 1: Why a Mortgage Refinance?
There are several good reasons to refinance, depending on your goals:
- Lowering monthly mortgage payments
- Tapping into your home equity for cash (Cash-out refinance)
- Paying off your mortgage sooner
But what’s actually involved in a refinance transaction? You can read over the steps below to get a good idea. Or, here’s another good idea: Simply grab your current mortgage statement and call me at 707.575.6896!
Once I learn about your situation and goals for refinancing, we can quickly figure out:
- If it makes sense to refi from a cost perspective.
- Using the estimated current value of your home and refinancing estimates, we can examine rates and loan options.
It just takes a short time to weigh the costs and benefits of refinancing so you can make an informed decision.
Step 2: Complete Loan Application
Completing your mortgage refinance application includes providing your personal financial documents such as W2s, bank statements, tax returns, and paystubs.
You can complete the application yourself on line, or I will be happy to walk you through it and answer questions via a phone call, email, or text -– whatever works best for you. If you decided that you want my help to complete the application, then we can schedule a convenient time with this handy tool.
During the application process, we’ll need your permission to pull credit reports for all borrowers on the loan. The completed loan application enables me to provide more accurate cost estimates and recommendations regarding loan products.
- Choose a title company to assist us in your transaction.
- Receive a link to pay for your appraisal online using a credit card. This is your only upfront cost; other costs associated with your loan will be paid at closing.
- Receive a phone call from the assigned appraiser to schedule the appointment to visit your home. The appraiser may ask questions to help determine the overall value of your home.
- Meet our company’s processor, who will call you with any questions as they prepare your file for our Underwriter.
- Review your Loan Estimate, the document that provides your estimated closing costs and loan program details.
- Have you sign your first loan documents – the upfront disclosures, after you’ve given us an “Intent to Proceed.”
- Contact the title company and validate all of the title/escrow fees.
- Provide you with your Initial Disclosures including the Loan Estimate, which will provide your estimated closing costs.
- Send you a link to pay for your appraisal online, through our appraisal portal.
- Gather (with your help) your current personal financial information, including recent pay stubs and bank statements.
- Help ensure your file is in order before submitting to our Underwriter so your loan is ready for a quick decision.
- Ask that you respond quickly to any requests from our Processor. They will handle communications with our Underwriter and update you on your loan status.
- Communicate with you when we submit your loan to our Underwriter with an estimate of our current underwriting times.
- Provide a “Conditional Approval” that includes any items that need to be cleared before we proceed with final loan documents.
- Provide any outstanding documents or clarification needed for the Underwriter to remove any conditions from your approval.
- Receive a a Closing Disclosure with your final costs to compare with your Loan Estimate
- Have three days to review the Closing Disclosure before you are able to sign your final documents.
- Schedule your closing appointment with the title company or with a mobile notary who will come to you.
In this step we work closely with all parties (you, the agents, title company) to answer any questions.
- Show up at the agreed-upon location (usually the title company) and sign all your loan documents.
- Bring a cashier’s check for the amount specified in the Closing Document.
- Sign documents. The title company will return them to our closing department to confirm everything is in order.
- Have to wait three days before your loan can legally fund. This three-day “right of rescission” is required and enables you to review all loan details.
- Work with your Title Company to provide final loan documents in advance of your signing appointment.
- Fund your loan and the title company will record the transaction with the county where your home is located. Usually recording happens one day after funding is complete.
If you are receiving a cash-out, then you will either pick-up your check from the Title company or have the funds sent directly to your bank account.
Refinancing isn’t as complicated as it sounds…especially if you have done it as many times as we have. Not to worry, we’re here to answer any questions and provide all the support you need to make your refinance a success!