Home ownership helps you build financial stability and wealth. It is in your best interest to assess and reassess your investment every year or two, to ensure that your investment is working for you.
Your HLC Team Loan Consultant can help you determine if refinancing makes sense. They can help identify the refinancing options that best fit your goals. Whether your interest is to lower your interest rate, pay off other debts, make home improvements or change the term of your loan, we can help you evaluate your options.
The re-financing process works in the same fashion as securing a first-time loan.
While every situation and loan is different, the process essentially has very specific steps. Each step has several sub-steps, most of which involve verification and confirmation that you qualify for the loan. At HLC, we are with our clients every step, or sub-step, of the way. For refinancing situations, there may be fewer sub-steps with documentation required as we may have prior history with you.
To simplify the process and keep you in the loop, the HLC Team has created a communication process to keep our clients informed every step of the way. We call our process, In Step. On Time.
The Loan Package – After meeting with your HLC Team Loan Consultant, your loan documents are sent through for verification and initial approvals and you are assigned a Production Assistant, responsible for processing the paperwork. In this phase we initiate automated underwriting approvals, employment verification, appraisal and escrow requests, title information verification and prepare the loan package. Once the loan package has been prepared, it will be ready for signature/s.
In Process – Once the Loan Package has been prepared, signed and entered electronically, you are then assigned an HLC Team Loan Processor. The loan processor compiles all the necessary information and processed paperwork needed to finalize your loan for submission (i.e. credit report, appraisal, escrow instructions, title report, etc.).
Underwriting - Once all necessary verifications have been process and received, your loan is then submitted to an underwriter. The underwriter reviews all of the information provided and validates the original application and input for accuracy. Once the validation is complete, a final loan approval is issued. Many times, issued with conditions.
Loan Approval – Once the request for all final information (if any) is satisfied, all loan documentation is confirmed and “signed-off” by the underwriter, your loan documents are ordered.
Loan Documents - Once the loan documents have been drawn, they require signature/s and notarizing. This is typically done at your escrow company. If that is not convenient, The HLC Team can arrange for you to sign them at our office, your home or your office.
Review and Funding - After signing, the loan documents are returned to the funding department to be reviewed and to prepare the loan for funding. Once the loan has funded, it is then recorded (with the County Recorder). The verification of the recording confirms that the monies and title have been transferred and that your loan has been completed and is in place.
Once this has been confirmed, your re-finance is complete!