What to Expect with Your Home Refinance

What to Expect with Your Home Refinance

There are many reasons to refinance your home. Maybe the market has shifted, and rates are lower now than when you purchased your home, and you want a lower rate. You may want to use your home’s equity with a cash-out refinance. Or you are refinancing your home to add or remove someone from your mortgage loan.

Whatever your reason for considering a mortgage refinance, a Texell Mortgage Loan Hero can help you every step of the way.

The Benefits of a Refinance with Texell:

• Work with a local Home Loan Hero to help you every step of the way.
• Close on your refinance in 30 days or less.
• Refinance your current mortgage with cash out up to 80% of accumulated equity.
• Low, fixed rates with terms up to 30 years.
• Lock in a lower rate for the remainder of your loan term.

Steps on Planning for Your Mortgage Refinance:

1. Complete a mortgage loan application. Your application will help our mortgage professionals determine the information they’ll need going forward.

2. Your Mortgage Loan Officer and Loan Processor will work together to validate and prepare your file to be submitted for underwriting review. It’s crucial that all documents are accurate and provided to the processor promptly to avoid unnecessary delays. During this time, the processor will order the appraisal, if one is required.

3. The Underwriter will review your file to conditionally approve or deny your loan. If conditionally approved, the Underwriter will send a conditions list to your loan processor to satisfy. Your loan processor may request your assistance. Please provide any requested documentation within 48 hours. Once collected, the conditions will be sent back to the Underwriter for approval. Conditions are standard on all loans, and sometimes multiple submissions to underwriting are required.

4. Final Approval. Once all conditions are met, the Underwriter will mark your application “Clear to close,” and the closing department will begin its final processes.

5. The closing team will work with attorneys to start the closing documents. Due to regulations, a closing disclosure must be provided to the borrower at least three business days before the closing takes place.

Home Loan Tool Kit

Do’s and Don’ts When Applying for Your Mortgage Refinance:

To ensure your mortgage loan process goes smoothly and avoids delays, follow this simple advice:

Do’s:

• Provide Texell with all copies of the purchase agreement (initial contract and any additional amendments signed after that).
• Check your email frequently during the loan process.
• Provide any documents requested within 48 hours of the request.
• Continue paying all mortgage payments and other obligations on time.
• Stay at your current employer throughout the mortgage process.
• Let your loan officer know early if you plan on receiving gift funds for closing.
• Start shopping for a homeowners insurance policy and let your loan officer know your insurance company. This is a great time to ensure you have adequate coverages and get the best deal possible from a trusted carrier.

• Provide a front and back copy of your earnest money check and proof that it cleared your bank account.

Don’ts:

• Don’t make any major purchases (car, furniture, etc.).
• Don’t apply for new credit or obtain any new debt.
• Don’t make any large deposits or withdrawals.
• Don’t start any home renovations.
• Don’t deposit cash or any other funds that cannot be traced.
• Don’t close any revolving credit accounts without consulting your loan officer first.
• Don’t panic if you are requested to provide additional documents. 

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