How Do You Make Your Refinance Go Smoothly?

Summary

Getting a refinance can be a stressful affair.

Often times a lot of money is riding on the outcome. Here is how to make the process work more smoothly for you.

The Mortgage Process

From start to finish a mortgage can take around 30 days. It can take much longer if you have a challenging loan situation or are not responsive to the lender.

The mortgage process initially involves applying for a loan that you want and getting approved.

The mortgage “approval” from a lender is usually contingent upon you providing all the right documentation the lender needs.

Mortgage Documentation

You may choose to do a loan that is “no documentation” or “stated documentation”. This usually involves you providing very little paperwork to the lender. This type of mortgage is available from many lenders, but the interest rates are usually higher.

For a full documentation loan you should make sure you have all the right documentation prepared up front. This may include 1 month of pay stubs, 2 years of tax returns, and 3 months of bank statements. You may also need to provide letters of explanation to clarify any part of your application to the lender.

Additional loan documentation may include employment verification forms, rental verification forms, and other documents.

Hold Ups

You will usually need to get an appraisal done. Make sure you are available to get your appraisal done relatively quickly. You usually need to give the appraiser access to the property. Many appraisers work evenings or weekends to accommodate customers.

Being Available

In the mortgage process you are best off if you are continually available to the loan officer. This means being available in the day time by work phone or cell phone.

Often times there may be small items that are needed. If you can make this real time then you aren’t splitting up the process into 24 hour or 48 hour cycles.