How the Refinance Process Works
First step to refinance your home mortgage: Gather documentation. As an independent mortgage consultant, I will tell you what items to collect and go over all of your documentation with you before we submit it to underwriters. I will analyze these materials, shop around for the loan that is the right fit for your situation, and then submit your materials.
I have access to over 100 lenders who have a variety of loan products. This gives me a lot of latitude for finding the right fit, the right rate for your situation, and the loan you are most likely to qualify for.
Because I have relationships with some lenders that go back for decades, I can move loans more quickly up the chain of command in underwriting than a newbie might.
My underwriters also collaborate with me to address any issues with documentation or data and find solutions that will enable your loan to be approved.
By contrast, institutional lenders employ a relatively faceless, impersonal assembly-line process.
With the recent property appreciation of the past few years, many of the refinance loans I am closing also don’t require an appraisal. The investor/lender underwriting system may agree with the valuation I input into the system, using various automated valuation processes, that then allow for a no-appraisal refi.
Complicated Loan Situations
Is your situation COMPLICATED? I am very good at and love the challenge of working my way through complicated deals!
Read my blog post on Tough Loan Cases for an example of the challenges we can overcome. Even well qualified borrowers can be declined by banks. We found a great solution for this borrower who had been declined at least twice by other lenders.
No Application Fee, No Commitment
There is no application fee with me, nor any monetary commitment. This part of the process is simply a no-cost opportunity to be in line to capture the rate you need when you’re timing your loan with an eye to rate fluctuations.