10 Steps To Completing a Refinance Loan with Crosswalk Mortgage
When it comes to refinancing your home you want a great rate, low fees, and a positive experience. Crosswalk Mortgage can help you achieve all three and here are the 10 Steps when completing a refinance with Crosswalk Mortgage, Inc.
- Speak to a Loan Officer
When you work with Crosswalk you work with a Loan Officer that will assist you through the whole process. Some lenders have Customer Service departments that collect your info and then pass you on to the next department who then pass you off to the next department until you are finished. Our Loan Officers are there for you from start to finish.
- Complete a Loan Application
Our Loan Applications are completed online in the convenience of your own home. You’ll need a lot of information for this including your work history, wage information, your work HR department, current checking, savings, and other documents depending on your situation. Once we have your initial application we can start the next step.
- Collect all Required Documents
As a Broker, we can “shop” for the best company to send your loan to and we are always making sure to monitor different loan programs at each of the companies we work with. While all lenders require the same basic information, some may require additional information so hold on tight, we’ll need a lot of documents as we prepare your loan for Underwriting. You will receive a full list of documents needed as we analyze your unique situation.
- Run Credit
After we have reviewed all your income documentation ( provided in Step 3) we will order your credit report.
- Sign Initial Loan Estimate and Loan Disclosures
After we receive your documents and have obtained your credit report we will send you an initial Loan Estimate and Loan Disclosures (LE) for you to sign. The LE will give you a full list of estimated fees associated with your loan and the disclosures are required by law to make sure you are aware of all your options.
Upon signing your initial disclosures we order the appraisal. This typically takes 5-7 business days to get it back and then 1 day for a quality control review. In some cases, the appraisal is waived and this step is not necessary, but that’s not typical.
- Loan Approval
Now that your documents are all in, the credit report has been reviewed and your appraisal is back, you will receive conditional Loan Approval. It’s conditional because there are always additional items that need to be turned in prior to them giving you the loan, for example, signed loan documents.
- Sign Final Loan Closing Disclosure
Before you sign loan documents you need to sign the Closing Disclosure (CD) that shows all your final loan figures including the loan amount, interest rate, etc…
- Sign Loan Docs
Once the CD has been acknowledged and signed and the waiting period is over, you can sign your loan documents.
- Loan Funds and Records
On a refinance, the loan will fund three business days after you sign your loan docs. The new deed is recorded with the Recorder’s Office and your refinance is officially completed!
If you have read carefully you will note that I didn’t talk about locking your Interest Rate. No, I didn’t miss it. So when does that happen? We can lock the rate at different times throughout the transaction depending on which lender we send the loan to. Typically we lock the rate just after receiving loan approval. Until the interest rate is locked, it’s “floating” and fluctuates daily, sometimes multiple times per day. We monitor interest rates constantly and get notifications when rates drop. When rates drop we speak to you about your options and then lock in the lowest rate possible.
We recently had a great transaction that initially started out at 3.375% on the LE. By the time we made it through the steps, we saw rates drop significantly one afternoon and were able to drop the interest rate to 2.99% on a 30 year fixed refinance.
While these steps are not an exhaustive list of all the steps we take in order to close your refinance, you can expect these 10 steps every time. As you consider refinancing, we hope you will consider working with Crosswalk Mortgage, Inc.
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What our clients are saying about Crosswalk Mortgage, Inc.
“Aaron Zapata went above and beyond to help us refinance our mortgage loan. We highly recommend his services and are very grateful to have gotten a discounted rate in the nick of time. His personal attention to our application and needs were the defining key in getting our loan rate locked. His staff was professional and helpful throughout the entire process.” – Rose Larson
“We just closed escrow on our home and the process couldn’t have been any smoother thanks to Aaron and his amazing team at Crosswalk Mortgage! We were first time home buyers and needed a 30-day escrow. Aaron made that happen no problems at all! He was so patient with us and walked us through the process with such kindness and professionalism. He and his assistant Kim were always so prompt in returning my emails and calls (sometimes even late at night or early in the morning). I was beyond impressed working with them and will never work with anyone else in the future. I highly recommend Crosswalk Mortgage! They won’t disappoint and will provide you with the most incredible service!” – Kara Sperling
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Are you ready to start your refinance? Click below to start your application today.
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