Refinance Loan Process

Step 1: Consult With Me

• Let us know what your personal needs are.
  
  
• We will discuss loan programs & your options.

Step 2: Complete Loan Application

• Fill out the application online with our “Apply Now” link to get your
  loan started.
  
  
• We will meet or send you the application and legal disclosures for
  your original signatures.

Step 3: Your Loan Application is Locked In, Unless Otherwise Agreed Upon

•  Your Loan is Locked in at an Agreed Upon Rate
  
          

Step 4: We Will Order Your Appraisal and Title Report

• For a refinance, the appraisal fee is usually paid by the borrower when the
  appraiser comes to inspect the property or can be paid in advance.
  
  
• The cost for an appraisal is determined by the value of your property. Typical appraisals cost are $375.00 for Conforming Loans. 

Step 5: Completed File is Submitted to the Underwriter

• Your application, disclosures, credit report, bank and asset
  statements, and appraisal are submitted to the underwriter once we have received
  these and any other needed documentation.
  
  
• To process your loan we will need documentation from you to verify
  your income and assets. Documentation may vary depending
  on your loan program.
  
  
• We will need copies of the following:
  
  
  • Recent pay stubs covering the most recent 30 day period.
    
    
  • W2’ forms for the previous two years or verification of other
    types of income.
    
    
  • Most recent three months worth of statements for your
    checking, savings and investment accounts.

Step 6: Approval Received with List of Conditions to be Met

• The underwriter accepts the loan request and may have additional documentation
  that they will need before docs are drawn or before they fund the loan.

Step 7: Docs are Ordered and Sent to Your Title Company for You to Sign

• Once all doc conditions are reviewed by the underwriter, we will draw your
  docs and forward them to the Title company.
  
  
• The title company will prepare the docs for signing and contact you to arrange a time and place for you to meet with the settlement agent.

Step 8: Lender Funds Your Loan

• The lender sends a wire or check to the title company.
  
  
• After a 3 day Right of Recisssion the title will disburse the funds to the appropriate parties.
  
  
• Your loan closes, Congratulations!

Feel free to contact me, if I can be of any service!

Maryland Home Loans offers home mortgage, refinance, home equity loans, lines of credit, VA Loans, Debt Consolidation Loans. We are based in Beltsville, MD and service nation wide inculding: Baltimore mortgages, Baltimore home loans and Washington Mortgages and home loans.