Refinancing Your Home in Roseville
Wednesday, October 17, 2012
Refinancing Your Home in Roseville
1. The mortgage loan officer completes a loan application for the home in Roseville. 2. The mortgage consultant will obtain mortgage loan pre-approvals. 3. Different home loan offers are presented to the borrower. 4. The borrower chooses the best suited mortgage, whether it be an FHA loan, Home Equity loan, Jumbo loan, VA loan, or other type of home mortgage in Roseville. 5. Any and all required documents are submitted to process the loan by the borrower.
6. The borrower receives loan disclosures within three days which are to be signed and returned to the mortgage professional.
7. The mortgage consultant arranges to have the borrower’s home in Roseville appraised.
8. An appointment is set between the appraiser and borrower to appraise the home.
9. The mortgage consultant obtains the payoff statements to be paid with the home refinance. 10. The mortgage consultant obtains a title search for the property of interest.11. The mortgage consultant compiles and submits the loan file for processing. 12. The processing department reviews the loan file and addresses any discrepancies or incompletion on the home loan application.13. The loan file is submitted to the underwriting department.14. The assigned underwriter reviews the loan file and requests any further information or documentation that is needed for final approval.15. The mortgage consultant and processing department will be sent a stipulation sheet (a list of information/documentation needed) from the underwriting department.18. Your mortgage banker will request from you any additional documentation/information that has been requested on the stipulation sheet.19. Once the mortgage consultant receives the documentation/information from the borrower, it will be forwarded to the underwriting department. 20. The underwriter gives final approval.21. A closing date is scheduled.22. The final documents are drafted and sent to the party closing the loan. (The party closing the loan can be a title company, attorney or notary public and is state specific.)23. The borrower provides state issued identification, signs the loan document and is sent copies of all documentation signed at closing.24. The three-day rescission period starts. At this time the borrower can revoke his or her right to rescind (cancel) your mortgage loan. Should the borrower not rescind, the current mortgage company is given the payoff amount, the new title is recorded and the borrower is provided with any funds that are to be received as a result of the refinance.25. Refinancing your mortgage for your Roseville home is now complete.