How Does Refinancing Work? The Refinance Process
The process of refinancing your home is made as easy as possible when you trust Home Loan Solutions. Our mortgage brokers and loan officers are Orange County refinance experts who can guide you through each step and make it a simple, satisfying experience – not to mention fast. Most of our refinance transactions allow for funding in 21 days or less.
Typically, the process of refinancing involves:
Step #1: A consultation, either at our office (for local customers) or by phone (for long distance borrowers). Every borrower must be informed of all the details, including any potential hurdles that may be present, before we will proceed.
Step #2: Once we have determined that a refinance makes sense for your situation, we calculate your income and gather all documentation pertaining to it, including pay stubs, W2s and tax returns. This step is similar to what was required when you initially purchased the home.
Step #3: Then, we present you with initial disclosure forms that list the terms of the loan, including the pricing and rate you are agreeing to. If you are comfortable with these figures, you sign them and send them back. We do not charge a lock fee to lock in your interest rate; we proudly work on our own merits.
Step #4: We submit your file to underwriting for approval; once your loan is approved, we gather conditions explain everything to you in full detail. This file is not your loan docs; those are addressed in the next step.
Step #5: We set up a loan doc signing appointment to take place in the comfort of your home. We send a notary to meet with you for this appointment. The loan docs go to title, and then to the lender for funding. Most of our Orange County refinance lending partners allow for funding in 21 days or less on average.
The process of refinancing is simpler than most borrowers realize, so long as they trust a reliable mortgage broker to walk them through these steps. Home Loan Solutions can be that reliable source. Contact us today to discuss the refinance process.