3. Apply for Refinance

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Here's what you can expect when applying for a refinance

Personal Information and Documetation

Closing Costs

Timeline

Documents

What Documents You Can Expect to Provide?

Cost

You’ll see these closing costs at your settlement but remember these costs can be negotiated with the seller

Application Fee

This is an upfront fee that covers the original overhead cost of accepting and documenting a loan file.

Appraisal Fee

This charge goes to an appraiser who will provide a written report regarding the current market value of your home by comparing recent sales of similar homes in your area.

Inspection fee

This is a fee you pay directly to a property inspector who will perform a physical inspection of the subject property from top to bottom.

Title fee

Title insurance protects the lender and the owners from any previous unrecorded claims of ownership against the property.

Insurance

Homeowner’s insurance protects the home against natural hazards such as hail, wind and fire.

Closing fee

This fee pays the settlement agent responsible for making sure your loan papers are signed and executed properly according to the lender’s specific instructions.

How Long Does it Take to Refinance a House?

Refinancing an existing mortgage really doesn’t take any longer than getting an approval for a purchase money loan. In many cases, a refinance is much less shorter if the existing loan obtains streamline status.

With a streamline, your refinance could close in as little as two weeks to gather all the information needed to approve the loan, get it through underwriting and deliver the loan papers to your closer. Yet time lines are also affected by your lender’s current processing and underwriting times.

TIP

Lock your rate! Don’t wait around to lock in your interest rate. Should you wait, interest rates could go up to the point where you’re not longer qualified. If you have a competitive rate, go ahead and lock that rate in. A lender can’t prepare your closing papers until your interest rate is finalized.

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