1. Review Your Options
The first step to refinancing your home, to include consolidating debts or taking cash out of equity, is to provide some basic information to your Loan Officer so he can present you with options that will best meet your goals. Here at MfgHomeMortgage.com and American Home Funding, your Loan Officer will be pricing out options for you between roughly 30 different lenders in Oregon and Washington to help you find the best lender and program for your situation. You can initiate this by calling 971-225-0595 and speaking with a Loan Officer, or by clicking on the "Click Here To Get Started" button above. The phone conversation would likely be about 20 minutes long and the online application would probably take about 15 minutes to complete. There's no obligation, there's no cost for this, and you won't be dealing with any salesmen. It's all about providing you with options so you can decide what makes sense for you.
2. Get the Ball Rolling
Once you review your options and communicate to your Loan Officer that you'd like to proceed, he will need to get a few more questions answered so he can finish up your application and get it out to you for signatures. Most application packages are emailed and can be e-signed, to expedite the process. If you'd prefer, a hard copy application package can be mailed to you with return postage. Accompanying the application package will be a checklist of any supporting documentation we would need for your application (ie: proof of income, copy of ID, etc). Once the application package and all of the supporting docs have been received, we will gather up additional documentation on our end and submit your file to the lender and wait for their initial approval, which usually takes a few business days.
3. Initial Approval
Once the lender issues their initial approval, we will contact you with the news and request credit card info (if an appraisal is required) as well as go over any additional documents the underwriter may have required (if any). Although credit card info is required for the appraisal order and although the appraisal is typically the only out of pocket expense on most refinances, some programs will allow for the appraisal cost to be invoiced into the transaction. Once the appraisal is ordered, our processors will be working on your loan in anticipation of receiving the appraisal report. Once the appraisal report is received, we will submit your completed file to the underwriter for final approval.
4. Final Approval / Closing Disclosure
When we receive the final approval from the lender, they (or we) will send out a closing disclosure to you. This will have all of your final numbers and will need to be either e-signed or hand signed by you. Once you do so, that will trigger a 3 business day wait period before you can sign all your final closing docs. During this 3 day window, the lender will send your final docs to the title company and the title company will contact you to schedule your signing. This can either be done at a title office during regular business hours, or can be done with a mobile notary in your home.
5. Funding / Recording
After you sign all your final closing docs, there is an additional 3 business day wait and then your new loan will fund. Usually the same day the loan funds it's also sent to the county for recording. And that's it!
It may seem like a lot at first glance, but after you sign your application package and gather the initial supporting docs, you'll basically just be waiting to sign all your closing docs at the end of the process. We'll walk you through it, every step of the way.