The process begins with contacting either a bank or other mortgage company in your local area. We highly recommend contacting and working with someone locally because they understand the market.
When calling just ask for a loan officer that specializes in residential home loans. Once you have this person on the phone just explain to them that you are thinking about refinancing your home. The first question they will ask is why you are planning on refinancing. There are usually only two answers to this question. Either you want to get a lower interest rate or you need to get cash out of the homes equity.
The answer to that question will determine many things for the future of the loan you want to do. It will determine the interest rates, the loan terms and loan programs you will qualify for. This is why it is impossible to get an answer to the question of "What are your rates?" because it can not be answered with out knowing much more about the loan and situation.
After this the loan officer will either set an appointment to meet with you or they will qualify you more over the phone by asking a variety of questions. Answer these questions to the best of your ability.
The meeting with loan professional will typically last an hour. During this time you can ask any questions you may have. The loan officer will ask you plenty of questions as well to get a better idea as to what you need and are trying to accomplish. During this time you will also fill out an application, provide any documentation you were asked to bring and sign a big stack of disclosure notices.
From here the loan officer will submit everything in order to get you an approval. In most cases this is done online and you can get pre-approved for your refinance the same day you apply for it. At most it should only take 2 days to here back on whether you were approved for the loan or not.
If you are approved you will normally be asked to provide additional information. This could be anything the underwriter has asked for. This may be additional documentation, updated pay stubs etc. Also during this time an appraisal will be ordered.
As long as you get everything to the loan officer that they ask for in a timely manner and there are no other problems, your home should be refinanced with in about a month.
While not a real in depth look at a home refinance. This article gives you the basics you need to know and understand when refinancing your home. Take your time and do your research and you will have a good experience with refinancing your home.
by Jim Hokins
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