Refinance Loan Process

Step 1: Consult With Michael

• Let us know what your personal needs are.
  
  
• We will discuss loan programs & your options.

Step 2: Complete Loan Application

• Fill out the application online with our “Apply Now” link to get your
  loan started.
  
  
• We will meet or send you the application and legal disclosures for
  your original signatures.

Step 3: We Open Escrow and Order Your Appraisal and Title Report

• For a refinance, the appraisal fee is usually paid by the borrower when the
  appraiser comes to inspect the property.
  
  
• The cost for an appraisal is determined by the value of your property.

Step 4: Completed File is Submitted to the Lender

• Your application, disclosures, credit report, bank and asset
  statements, escrow instructions, preliminary title report and
  appraisal are submitted to the lender once we have received
  these and any other needed documentation.
  
  
• To process your loan we will need documentation from you to verify
  your income and assets. Documentation may vary depending
  on your loan program.
  
  
• We will need copies of the following:
  
  
  • Recent pay stubs covering the most recent 30 day period.
    
    
  • W2’ forms for the previous two years or verification of other
    types of income.
    
    
  • Most recent three months worth of statements for your
    checking, savings and investment accounts.

Step 5: Approval Received with List of Conditions to be Met

• The lender accepts the loan request and may have additional documentation
  that they will need before docs are drawn or before they fund the loan.

Step 6: Docs are Ordered and Sent to Escrow for You to Sign

• Once prior to doc conditions are reviewed by the lender, they will draw your
  docs and forward them to the escrow company.
  
  
• Escrow will prepare the docs for signing and contact you to arrange a time and place for you to meet with a notary.

Step 7: Your Loan is Locked

• You are locked in at the agreed-upon interest rate.

Step 8: Lender Reviews Docs and Final Conditions

• Escrow sends the signed docs back to the lender for final review.
  
  
• Any final prior to funding conditions are also received and reviewed.

Step 9: Lender Funds Your Loan

• The lender sends a wire to the title company.
  
  
• Escrow will disburse the funds to the appropriate parties.
  
  
• Your loan closes, Congratulations!

Feel free to contact me, if I can be of any service!