Below is a brief outline of the mortgage process for refinancing your home. The first step of the loan process is contacting your dedicated account manager, Audra DeFazio, to discuss your pre-approval. You can fill out the free pre-approval application on line (APPLY NOW) to facilitate the process or call toll free at 877-848-9865, extension 389.

STEP 1- PRE-QUALIFICATION– Apply for your loan
The pre-approval process should be completed before you submit your loan package to processing. In this way, you will be able to find out what you qualify for and what programs are the best for your situation.

STEP 2- PRE-APPROVAL – Submit the application for review
The pre-approval process is much more complete than pre-qualification. For pre-qualification, Audra asks you a few questions and provides you with program details. Pre-approval includes all the steps of a full approval.

STEP 3- THE APPLICATION PROCESS– Documentation is reviewed

Processing
Once you have completed the application, provided the proper documentation and signed the disclosures, you will receive your approval and your loan will be submitted to our processing department. We take care of the next step which covers verifications to setting up the closing with the closing agent. We are mainly interested in the house you are planning on buying, your financial situation and credit history. Within three business days of your loan being submitted into processing, you will receive the good faith estimate and the truth in lending statement.

Credit
During the processing of your loan, we will verify all information on your application, including employment, assets, liabilities, etc. We will order a tri-merge credit report on your current credit status and past credit history, including monthly payments, current balances and payment history.

Appraisal
We will arrange for an appraisal by a licensed real estate appraiser on the property being refinanced. The appraisal determines the value of the property and thus its value.

Title Search
The title search is performed by your settlement agent (attorney or title company) and provides proof to the lender that the seller owns the property you wish to purchase in order to get a loan. The title search involves reviewing public records in local government offices, including recorders of deeds, county courts, tax assessors and surveyors. Records of deaths, divorces, court judgments, liens and contests over wills (all of which can affect ownership rights) must also be examined. In turn, you will be provided with title insurance which protects you and the lender in case of an unresolved claim affecting the marketable title to the property.

Homeowners Insurance Verification
The processing staff will contact your current homeowners insurance company to verify the coverage on your home and to get the policy into our company name. Please give your homeowners insurance information to your dedicated account manager at the time of application.

STEP 4- UNDERWRITING – Conditions are met
After all information on your application is provided and verified, the application goes to underwriting to assess the risk. An underwriter looks at four major factors: employment/income, assets, credit history, and value of the home. Based on the underwriter’s findings, we will either request additional documentation, re-evaluate the loan program or clear your loan for closing.

STEP 5- FINAL DECISION
Your dedicated account manager will contact you to discuss the final findings, go over if any conditions are needed on the loan and guide you on the scheduling of your loan.

STEP 6- CLOSING
The final step is the closing (settlement) where you meet and sign the paperwork on your new loan. Once all the paperwork is signed, within 3 business days your loan will become effective with your new loan terms. If you are pulling cash out (to pay off debt, for home improvements, etc), you will receive a check from the settlement agent within 3 business days.

A few of the key closing documents you receive include the 1) HUD-1 Settlement Sheet- Itemizes the services provided and the charges you paid. The closing agent will notify you before your closing if there is anything you will need to bring to the closing. 2) Deed of Trust or Mortgage-Documents conveying a lien on your property as security for repayment of your home loan. 3) The Note-The mortgage note (also know as promissory note) is a legal "IOU." The note represents your promise to pay the lender according to the agreed terms.

Congratulations on your new loan and your savings per month. We wish you all the best in your home and look forward to being your mortgage provider for all your future mortgage needs.