How do I refinance

Steps involved when refinancing your home.

So you have decided to start to obtain a new loan. How you refianance smoothly depends on how well you start off in the process. This is a step by step insturction for getting the job done easily and efficently. Step 1
The first step is find out if you qualify for any loans. To do this you will need to determine if you can document your income. Then seek to understand your credit report so you know what to expect before going in.

Step 2
Get an estimate of what your home is worth. You can visit Zillow.com and get a basic idea before you start refinancing. Or you can contact an appraiser in your area and see if they can give you alittle free information. Tell them that you will use them for your transaction and they might help you out.

Step 3
Contact a lender, broker, or loan officer and make an application for a loan. It is a good idea if you have an idea of the loan you want, and are somewhat familiar with how it works. Provide the mortgage company with all the income documentation you have collected and allow them to submit your information for approval

Step 4
Once you loan is approved, you will be required to pay for an appraisal. Have the refinance company use the appraiser you contacted if possible and have your home appraised. You will also be asked to provide any information deemed neccessary by the underwriter. This might include an explination letter for various things on your credit. Maybe a divorce decree or proof of paid tax lein. Gather any of these items and foward them to the lender your working with

Step 5
Once all documentation and requirements have been met, you will be ready to have your "Docs drawn". This just means they will send over the final loan documents for you to sign to either an escrow company, attorney or closing agent. From the point you sign the final loan documents, you must wait 3 days(Business days including Saturday) and on the morning of the 4th day, your done! As long as there are no errors on the paperwork or stragling conditions that were not signed off on, you loan will fund.