An Overview of the Loan Process from Application to Closing
- Your loan officer will collect necessary information including, but not limited to:
- complete mortgage loan application
- credit report
- desired goal for the refinance (lowering your mortgage term, monthly savings, etc.)
- Your loan officer will calculate your estimated payoff (which includes daily interest)
- Loan Officer will provide you with different options for interest rates and estimated closing costs
- If you decide to move forward with one of the options, your Loan Officer will collect the necessary documents from you including, but not limited to:
- Signed/Dated preliminary loan disclosures
- Bank statements to document assets for cash to close
- Copies of drivers licenses
- Contact info for your home owners insurance agent
- Settlement Statement (HUD-1) from your current FHA mortgage
- Note from your current FHA mortgage
- Your title work and payoff will be ordered
- Your loan is submitted to the lender/underwriter
- Once your payoff is received, your loan officer may need to re-calculate your new loan amount
- Lender/Underwriter issues a conditional approval
- Supply any additional documentation that is requested
- Lender/Underwriter issues a clear to close
Every situation is different. The above process list is designed to give you an overview of the process. Your loan officer will be able to discuss any extra steps that may be needed. Request a Rate Quote to check if you can benefit from an FHA Streamline Refinance.
