Refinance Loan Process | 3 Phases
Refinancing your home loan involves 3 phases. From start to finish they are:
First, your home loan refinance begins in the approval phase. Here you learn what refinance options you qualify for. Additionally, you and your loan officer discuss different refinancing strategies and find the best plan for your needs.
During the underwriting phase your loan officer ensures all required documents are in your file. When needed, your appraisal is ordered during this time. By the end of this phase you have a fully approved home loan. Next step, on to the final phase – closing.
The closing phase begins once your loan officer requests your final loan disclosure package from their closing department. The closing phase ends once your loan funds and closes.