3 Steps to a Smooth Refinance
July 02, 2018 by elementthree
Refinancing your mortgage can be a major life decision. There is little that can cause more anxiety and stress during the refinance process than snags and hold-ups in the process. To ensure a smooth refinance, try the following 3 steps:
- Setting Expectations
This step starts with a good Loan Advisor setting the stage for you. He or she will let you know how the whole process works in general as well as what the next step is for you and for your loan. You should have a good idea of exactly where your loan is in the process at any given time. Also, if you know of any hurdles that may interfere with the refinance process (ex. vacation, job changes, any financial difficulties, etc.), let your loan advisor know ahead of time so they can set the right expectations for you.
- Responding Promptly
There is a lot of paperwork that is generally required for a refinance, but it’s all necessary. Most of your paperwork will be collected up-front, but it is normal for additional paperwork to be requested during the process. Your Loan Advisor and the underwriters wouldn’t ask you for help gathering documents if it wasn’t absolutely needed. When you return things in a prompt manner, it helps keep everything on track and will lead you to a prompt closing.
One of the most important aspects while refinancing is the service and education. By the end of this process, you will know every bit of your loan as well as your advisor does. You should be in contact with your Loan Advisor at a minimum of twice per week. If you have questions that haven’t been covered, ask. It is better to over-communicate than to fall out of the loop with what is going on with your loan. After all, this is probably the biggest financial asset in your life.
When you have the right expectations, you respond promptly, and you make sure there is more than necessary communication during the process, you ensure that you will have a very smooth refinance from application to closing.
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