The Loan Process
Below is a brief overview of the refinance process.
Each client's situation is different, so the following is only a guide:
- Complete the mortgage loan application, at which point the loan officer will run your credit report.
- You decide on what interest rate you want to lock.
- Complete the preliminary loan disclosures and provide your loan officer with the required documents:
- Most recent 30 days paystubs for all borrowers
- Last 2 years W-2s for all borrowers
- Last 2 years signed Federal Tax Returns (all schedules) for all borrowers
- Most recent 2 months bank statements
- Most recent quarterly retirement account statement
- Copies of drivers licenses for all borrowers
- Your loan officer submits your file to the lender for underwriting.
- Appraisal and title work are ordered.
- Lender issues a conditional loan approval.
- Loan officer requests any necessary documentation from the borrowers.
- Lender issues a clear to close.
- You close your refinance.