Refinance Transaction Steps

Read Refinance Steps FAQ

RefinanceTransactionSteps

 

Refinance Steps FAQ

How long will it take to underwrite and approve my loan?

Formal analysis of your credit, income, assets, and appraisal typically takes between 72 and 96 hours. Turn times can vary however, based on each borrower’s circumstances.  It’s not uncommon for the underwriter to request some additional items during review.  We will coordinate with you directly to satisfy these items (also referred to as “conditions”) in order to get your loan fully approved.

When is my appraisal ordered?

We can order your appraisal as soon as you indicate your “Intent to Proceed” to us, either by phone or email.

What if I want to change my loan program or loan type?

If a “material” item within the transaction changes, such as a program or rate change, a new Closing Document will need to be issued.  Depending on the change, you will need to wait a minimum of one business day, or a maximum of three business days, from the change date before final loan documents can be signed.

IMPORTANT! It is critical that you do NOT do the following before escrow closes:

  • Do NOT go on vacation or become hard to reach
  • Do NOT change jobs
  • Do NOT be a big spender
  • Do NOT pay bills late
  • Do NOT open or close credit card accounts
  • Do NOT take on any new debt
  • Do NOT move large sums of money
  • Do let us know if your home has solar panels or energy system

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