Different steps involved in Refinance Mortgage Loan Process
Different steps involved in Refinance Mortgage Loan Process
This article speaks about various steps involved in refinance mortgage loan process. First and foremost you should know that you should be cooperative enough with the company at the time of this process. Also make it a point to pick an eminent company which has a pretty good reputation. After borrower is done with the application form submission the process goes as below.
Firstly a loan consultant will be obtaining certain pre-approvals which are required for various types of mortgage loans. Borrower should submit required set of documents which are mandatory for the processing of the loan. After the submission borrower will be receiving respective loan disclosures. These disclosures should be signed and submitted to the consultant. Next consultant will be contacting the concerned appraisal company. This is important because only via this step applicant's home can be appraised. Now a time will be scheduled by appraiser with borrower to appraise his home. Now all the pay off statements should be submitted along with the latest refinance loan. After ordering title loan consultant will be receiving title report and the appraisal report.
Now the loan file is created and has been submitted to the processing department which can be considered as an important stage of refinance mortgage loan process. Now the loan file will be reviewed thoroughly and the department will look for the incomplete documentation. After the verification the file is sent to underwriting branch. The respective underwriter will once again review the file and checks if there is any stipulation. The underwriting depart will send a list of information on incomplete documentation to the processing department.Suppose there is any incomplete documentation found then it should be submitted by the borrower immediately.
After receiving the relevant documentation from the borrower again the documents will be forwarded to the underwriting department. Now comes your final approval by the underwriter. A specific date will be scheduled for closure. Finally, one last document will be prepared and this documentation will be forwarded to the closing department of the loan. The closing party is mostly an attorney or any notary public. Borrower will provide identification which is issued by state and signs all the loan related documentations. A copy of these documents will be given to the borrower. A borrower will get three days of time for the amount to be processed. A borrower can anytime cancel the loan request in between these three days.