This article discusses the various steps involved in a home loan refinance process. First of all, you should know that you have to cooperate enough with the company at the time of this process. Also make sure you choose an eminent company that has a pretty good reputation. Once the borrower is done with submitting the application form, the process is as follows.
First, a loan consultant will obtain certain pre-approvals that are required for various types of mortgage loans. The borrower must submit the required set of documents that are mandatory for loan processing. After filing, the borrower will receive the respective loan disclosures. These disclosures must be signed and sent to the consultant. The next consultant will contact the appraisal company in question. This is important because only through this step can the applicant’s home be assessed. The appraiser will now schedule a time with the borrower to appraise his home. All payment statements must now be submitted along with the final refinance loan. After ordering the title loan, the consultant will receive the title report and the appraisal report.
Now the loan file is created and sent to the processing department, which can be considered as an important stage of the refinance home loan process. The loan file will now be thoroughly reviewed and the department will search for incomplete documentation. After verification, the file is sent to the underwriting branch. The respective insurer will review the file again and verify if there is any stipulation. The underwriting department will send a list of incomplete documentation information to the processing department, assuming any incomplete documentation is found, the borrower must submit it immediately.
After receiving the relevant documentation from the borrower again, the documents will be sent to the underwriting department. Now comes your final approval from the insurer. A specific date will be scheduled for closing. Finally, one last document will be prepared and this documentation will be sent to the loan closing department. The closing party is primarily a lawyer or a notary public. The borrower will provide a state-issued ID and sign all paperwork related to the loan. A copy of these documents will be provided to the borrower. A borrower will get three days of time for the amount to be processed. A borrower can cancel the loan application at any time between these three days.