Refinancing is one of the best ways to switch from high interest loans with long payback periods to short-term loans with low interest rates. For homeowners who want to stay in their homes for a long period of time and are looking for ways to leverage equity in homes, refinancing offers several benefits. The refinance process is divided into six stages as under:
Step 1: Find out your Goals
The first important step towards considering whether or not to refinance is to decide on your objectives. What is it that you are seeking? Reducing your monthly loan payments or pulling out cash from your home equity for debt consolidation or home improvements? Once you know what you want, it will be easier to narrow down your options and seek the best loan programs to help you achieve your goals.
Step 2: Contact Absolute Home Mortgage Corporation
After deciding out on your objectives and doing your research, contact any of the licensed loan officers at Absolute Home Mortgage Corporation. You can easily fill out our online application form or give us a call to talk to one of our mortgage experts. Our loan officers offer competent advice and recommendations for your individual goals. We make sure that you fully understand the details of all your loan options and make the smartest choice.
Step 3: Choose your Loan Program
Once you have spoken to our loan officer and decided to move forward with the refinance arrangement, we will confirm your loan program. This includes the monthly payments, loan terms and interest rates. At this stage, we recommend that you lock in on any interest rate and save yourself from all unfavorable market fluctuations in the future.
Step 4: File all the Documents
The licensed loan officer will then provide you with a list of documents you need to send us to that we can verify your information and credentials accordingly. We will also send a few preliminary disclosure documents, such as the truth-in-lending disclosure and the good faith estimate. These documents are for your review and contain all relevant details of your loan program. After a few days, our team will contact you for a scheduled appraisal inspection. It is necessary for you to arrange the appraisal as soon as possible and prevent further delays in closing the deal.
Step 5: Application Processing
After reviewing and examining all your documents and credentials, our Processor will contact you to go over the final steps of the refinance process. These steps include ordering a preliminary title report and coordinating with all the concerned parties to make sure that your loan process is smooth and quick. Once all documents have been put to place, the loan file will then be delivered to the underwriter for a final review and a formal approval.
Step 6: The Loan is yours!
As soon as the underwriter approves your loan application, Absolute Home Mortgage Corporation will contact you as soon as possible to schedule an appointment for the loan document signing. This appointment will hardly take up to 30 minutes. It can be done in the convenience of your home or at any approved settlement location of your choice.
For any further details on the refinancing agreement or steps to refinance, please feel free to contact us!