The Refinance Loan Process

There are four important steps:

• Application
• Underwriting
• Appraisal
• Closing

During application your loan officer with review your documentation to ensure that you meet today’s underwriting guidelines. Your loan officer will work with you to find the program that meets your needs. 

Once you have provided all of the necessary documentation your loan officer will submit your loan package to Underwriting. Once at underwriting your loan documents will be reviewed by an underwriter. An underwriter verifies all of your documentation against the lenders guidelines. After reviewing the loan package they will issue a conditional approval. Your loan officer will work with you to clear these conditions. 

An important part of most refinances is the Appraisal. With the implementation of the Home Valuation Code of Conduct (HVCC) your loan officer will have no input or interaction with the appraiser. They will place the order through a third party who contracts with the appraiser. Once the appraisal has been completed the underwriter will review it along with any remaining conditions. 

Once all conditions including appraisal have been signed off on by the underwriter your loan documents will be sent to the title company for preparation. Once they have been prepared by the escrow officer and reviewed for accuracy. You will be contacted to schedule your Closing.

After signing your documents there is a 3 day right of recession. Once the waiting period is over your loan will be funded and recorded.