The Refinance Process – What to Expect

1. Step One: Check Your Credit.
2. Step Two: Compare Types of Loans.
3. Step Three: Gather Documents.
4. Step Four: Apply for a Loan.
5. Step Five: Get an Appraisal.
6. Step Six: Go Through Underwriting.
7. Step Seven: Lock in Your Rate.
8. Step Eight: Close Your Loan.

What is the mortgage process from start to finish?

There are six distinct phases of the mortgage loan process: pre-approval, house shopping; mortgage application; loan processing; underwriting and closing.

How long is the underwriting process for a mortgage refinance?

How long does underwriting take? Underwriting can take anywhere from a couple of days to several weeks, but the average is a week or two. Your lender will issue your approval once underwriting is complete.

What to expect with the mortgage refinance process?

Closing your mortgage loan — If you are approved for your new mortgage, you can expect to attend a “closing.” A “closing” is the date when the new mortgage actually becomes legal. At the closing, the funds from the new mortgage are distributed either to pay off the old loan or for you to receive.

How long does it take to refinance a mortgage in Ma?

Usually in about three working days, your refinance becomes official. If you’re looking for a refinancing home loan in MA, Drew Mortgage Associates can help!

What’s the process for getting a mortgage loan?

The mortgage loan process may seem far from simple. There’s a lot that happens between your initial consultation to your loan being funded. But we’ll walk you through it—and with full transparency.

Which is the final step in the mortgage process?

Loan has been funded The final step on the loan process is now complete: Your loan has been funded! At this time, all documentation is complete and the funds for the loan have been disbursed to the seller (purchase) or to the payoff of the prior loan (refinance). You should receive your first payment statement at the closing.