Mortgage refinancing is about more than lowering rates. It’s about taking control of some of life’s largest costs. Working with an award-winning lender like Jersey Mortgage Company can get you there— with more options and more competitive mortgage rates. The refinancing specialists at our NJ mortgage company will guide you through the 3 main phases of the mortgage refinancing process to ensure that the entire process as stress-free as possible.
During the mortgage refinancing pre-approval process we will need to verify certain information about you and the property. Your information will include: verification of income and employment, assets, and your credit history. Some of this information will come from you as part of your application process, while other information, like your credit history, will be obtained directly from the credit bureaus.
The property information will include, in most cases, an appraisal and a legal description of the property, such as a title report. We have lists of "approved appraisal companies", so if you have an old appraisal, we may be able to accept it.
During the "processing" and/or "underwriting" period, your credit, assets, income and other determinants are checked and compiled. Your mortgage refinancing loan will then either be approved with conditions, approved without conditions or declined. The conditions are documented and/or followed-up on in order to finalize your loan.
Some borrowers become frustrated by conditions that surface at the end of a loan transaction, and question why these issues are being raised so late. Final conditions are sometimes added for final approval. The mortgage refinancing specialists at Jersey Mortgage Company do their best to help you through the process.
Since most loans are sold and serviced by other parties, the lender must verify that the loan can be sold upon closing. Not to worry, no other terms of your loan can be changed after you have signed your final loan documents. When all conditions are met, your loan documents are drawn up and forwarded to the place of settlement or closing, typically a title and/or escrow company.
It’s important to keep your financial status clean and unchanged during the mortgage refinancing process. Even applying for a new department store credit card can cause a problem. Such a scenario could, at the very least, require an explanation. And, in the worst case, could cause your loan approval to be withdrawn. Often a final credit report update and additional calls to your employer will be required before funding the loan.
This chart will help you understand the main steps of the mortgage refinancing process, the details involved, and who is responsible for each step.
|Event||Who Does It||Details|
|Review our loan information||Applicant||Before you begin an application, please review loan information from:|
|Apply||Applicant||Complete an application. This will set the process in motion.|
|Loan Originator Contact by Phone||Jersey Mortgage Company||Your first connection with your loan originator will get a dialogue started which will insure that you get the loan that you want.|
|Credit Check & Prequalification||Jersey Mortgage Company||We pre-approve you using our artificial intelligence software, or underwriting your loan in-house. Our system will assess your credit, income and assets to quickly determine what loan(s) you qualify for.|
|Required Loan Documentation and Paperwork||Applicant/Jersey Mortgage Company||Paperwork is still a big part of the loan process. We will mail you forms to sign and a document checklist.|
|Rate Lock & Appraisal||Applicant/Jersey Mortgage Company||Once we determine your loan amount, type of loan and rate, your loan agent will recommend the appropriate time to lock the rate with a lender.|
|Loan Submission for the Best Rate/Program||Jersey Mortgage Company||Once all of the paperwork is assembled by our processors, your package will be forwarded to underwriting for approval.|
|Underwriting and Approval||Jersey Mortgage Company/Lender||An underwriter will review the package and fax an approval to Jersey Mortgage Company and any conditions necessary for the approval. Most conditions are taken care of by Jersey Mortgage Company.|
|Clear Loan Conditions||Jersey Mortgage Company||Our closer gets the conditions from underwriting for final preparations to close.|
|Loan Documents Delivered||Jersey Mortgage Company/Lender||Loan documents are prepared and delivered to the escrow agent. The escrow agent will call you to arrange a signing. This is coordinated by your loan originator, your Realtor and the escrow agent.|
|Loan Funding||Escrow/Jersey Mortgage Company/Lender||Once the signed documents are returned, they will be reviewed. The escrow agent will request a wire transfer of the loan funds, close and record the transaction.|