Borrower’s Refinance Timeline – From loan application to closing.
1. Shop lenders for interest rates, getting loan scenarios or work-sheets that have rates and fees.
2. Collect documents: Bank statement, tax returns, W-2s, Paystubs, etc – get the list of what’s needed from any lender.
3. Choose a lender and complete a loan application with a loan officer for pre-approval.
4. Collect the remaining info/documents from the list your specific loan officer face you, and provide the loan officer.
ACCURACY AND SPEED with responding to information/documentation requests ARE THE KEY TO SPEEDY LOAN APPROVAL. Be prepared to be asked for info/docs. early, often, redundantly inconveniently and even at the last minute. REGARDLESS OF THE LENDER.
The Lender does the following in the mean time:
a) The loan officer begins their work immediately – Theylock in your interest rate, pull your credit history, etc.
b) The lender’s underwriter (the one who reviews all documents to compare them against the requirements for your loan type) will request supporting info/documents, and the loan officer will convey these requests to you, as they occur.
5. Lender issues you final loan approval 2-6 weeks after contract signing. The time frame depends upon many factors, but primarily the speed and accuracy with which you provided them the information they requested.
6. Schedule closing – The lender will call you to schedule the closing.
7. Length of closing: Closing usually takes about 30 minutes’ time and you will sign from 50-150 pages, depending upon the lender.
8. Location of closing: The closing location is usually at the lender’s office OR at the title company’s office. Sometimes it can be at your home or office depending upon your needs and schedule.
9. What to bring to closing: Your photo-ID, Your legal spouse, and a Cashier’s check for the cash needed for closing.
10. How long a closing lasts: Jett Title’s closings last an average of 40 minutes. Sellers only sign about 14 documents. Buyers sign from 50-70 times, depending on the lender and loan type.
11. If you cannot attend closing, call the title co. ASAP to arrange someone to sign for you using our special/specific and limited power of attorney (POA) – cheapest and fastest option about $100, OR a mobile notary closer to come to you at the time and location of your convenience for about $175.
12. Your cash-out proceeds after the 3-day waiting period is expired – Check or Wire? you have the choice if getting them in the form of a check or a wire to you, or to the title co. that will be closing your ensuing purchase of your new residence. For a wire we must receive by FAX, the wire instructions, which are these 5 items:
1. Bank name
2. Bank’s phone number
3. Bank’s wire-specific routing number (Many large banks have different routing numbers for wires, checks, deposits, EFTs, etc.)
4. Account name
5. Account number
