Refinance Process

How Does Refinancing Work? The Refinance Process

The process of refinancing your home can be easy when you trust Home Loan Solutions. Our mortgage 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). Each borrower will 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 gather all documentation pertaining to income, assets, and property documentation, including pay stubs, W2s, tax returns (if necessary), mortgage statements, and homeowners insurance info. This step is similar to what was required when you initially purchased your home.

Step #3: We present you with initial disclosure forms that will outline the term of the loan, including the pricing and rate you are agreeing to. If you are comfortable with these figures, you can e-sign our disclosures all from your mobile device or computer. Today we are virtually paperless! 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 and explain everything to you in full detail.

Step #5: Once you are cleared to close, your loan docs will be sent to escrow to prepare for signing. We will set up a signing appointment to take place in the comfort of your home. We send a notary to meet with you for this appointment.

Step #6: Your signed loan docs will be sent to our funding department for review and funding clearance. Upon clearance, funds will be sent to title to pay off your current mortgage and title will record the new loan.

Simple as that!

On average, most of our refinance transactions fund in 21 days or less.

The process of refinancing is simpler than most borrowers realize. Home Loan Solutions can be a very reliable source for information. Contact us today to discuss if a refinance is right for you.