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- step 6
At closing your new mortgage documents are signed and your old mortgage is retired. Your loan officer can help you create a reasonable estimate of how long it will take to complete the refinancing process and close.
Lock in your interest rate
At some point before your closing date, you'll need to select a loan type and lock in (or freeze) your interest rate. This will protect you from interest rate increases that may occur while you're waiting to complete the refinancing process.
Consider a home equity line of credit
You can request a home equity line of credit during your loan process. This can be approved at the same as your newly refinanced mortgage, eliminating the need to go through a separate application process at a later time. Upon closing, your line of credit will be immediately available when your refinance loan is funded for use but will cost you nothing until you decide to use it.
The closing process
A team of experts will work together to deliver great service and ensure that your refinancing is processed quickly, accurately and efficiently. In most cases, your loan officer will be your primary contact, although you may at times be contacted by other members of our team.
- A loan officer will review your information and request any additional documentation that may be required.
- A home loan analyst will place orders for a property appraisal, a survey of property boundaries, a flood determination and a title search and title insurance.
- The underwriter will review all your information and grant a final approval on your loan.
- Finally, the closer will assemble the closing package and ensure that all fees and other closing payments are accurately documented.
- In most cases, the closer will establish an escrow account for payment of necessary insurance and real estate taxes.
- As the final step, the closer authorizes the mortgage funds for disbursement. Typically, either your closer or your loan officer will contact you to schedule a date and time for the closing.
It generally takes 30 to 60 days from application to closing.
