THE REFINANCE PROCESS
STEP one: Define your goals for refinancing your mortgage
One of the most important steps before deciding whether or not refinancing can benefit you is to determine what your objectives are. Is your goal to reduce your monthly payment or pull cash out of your equity for home improvements or debt consolidation? Are you looking to fix your adjustable rate? Once you determine your goals, you can take a look at the various loan programs available to decide which loan option helps you achieve those goals.
STEP TWO: Inquire online or call one of our hometown lenders
Once you’ve defined your goals and researched all the loan options available, you can submit your information online or pick up the phone to speak with one of our mortgage experts. Your Hometown Lender can answer any questions you have about the loan program you’re considering or can make a recommendation for you given your individual goals. We’ll make sure that you understand every detail of your loan program and answer any questions you have before moving forward. When you’re ready, you can apply online or call us to speak with a Hometown Lender.
STEP THREE: Select your loan program
If you decide you’d like to move forward with the refinance, your Hometown Lender will confirm your loan program, rate, and payment and will answer any questions you may have. At this point, you may be able to lock in your interest rate to protect you against any fluctuations in the market.
STEP FOUR: Submit your documents
Your Hometown Lender will provide you a list of items for you to send us so that we can verify all your information to get your loan approved and closed quickly. We will also send you some preliminary disclosures to review and sign which detail the terms of your rate and loan. An appraisal may be required.
STEP FIVE: Processing
After we receive all your documents, you will be contacted to go over the next steps, which includes ordering the preliminary title report, and coordinating with all the necessary parties to ensure your loan progresses smoothly and quickly. Once we have everything we need, your loan file will be submitted to the underwriter for review and formal approval.
STEP SIX: Close your loan
Upon approval, you will be contacted to schedule your closing.