7. Getting Ready to Close

Refinancing an existing loan is more that just about the interest rate.

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The Most Important Thing to Do is Not Make Any Changes

Once the home passes inspection, it’s time for your lender to order the appraisal on the property. While the appraisal is being performed, your loan officer or loan processor will ask for any additional information needed at this time. Don’t be surprised if you’re asked to provide some of the same things you’ve already submitted; documents in a loan file need to be no more than 30 days old.

Your lender will also order other third party services need, such as opening up escrow and scheduling a closing date. Title insurance and related title services will be ordered. Once the loan is fully documented then it goes to the underwriter who will make sure the loan meets all the lending guidelines.

The underwriter may have some questions during the approval process but don’t be alarmed. These questions often come in the form of loan conditions, which means the loan is approved based upon receipt and review of some additional items. Usually these conditions are minor ones and only required to keep the loan in compliance. But when these questions are presented, make sure you respond in a timely manner.

A Simple Checklist

 Don’t make any changes in your employment or financial profile.


 Don’t switch jobs.


 Don’t make any large purchases such as an automobile


 Don’t open up new credit accounts that might tell an underwriter you’ve taken on new debt.


In short... HOLD STEADY!

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