Refinance Process

Our goal is to make your home refinance experience one of the simplest things you'll ever do. Step-by-step, our certified mortgage experts will walk you through our fast, efficient refinance process. While we take a unique approach to every client's financial situation, here's what you can expect during the home refinance process:

We'll sit down together and review your financial goals and responsibilities, get to know exactly requirements you have in a loan, and then match you with the perfect loan program and mortgage payment. With experience as our guide, we will get to work behind-the-scenes to underwrite your loan, set-up your appraisal and work efficiently to process your information - always taking the time to respond to your questions. Once you give us the go ahead, we will schedule your closing and meet you to finalize the paperwork. Making it as convenient for you as possible, we can meet anywhere, anytime.
While a refinance will bring you substantial financial benefits as a homeowner, many homeowners often dread the home refinance process. Here are ten steps to follow to help us make the refinance process as seamless as possible for you.

Steps to Follow to Ensure a Seamless Refinance Process:

1. Get Prepared
Before beginning the mortgage refinance process, it is important to check your credit score. If you find any inaccuracies on your credit report that are negatively affecting your credit score, it is important to have those cleared up. A credit score dispute needs to occur at least 60 days prior to applying for a home refinance, as it is difficult to refinance if there are any open disputes.
Secondly, you will want to prepare the proper documentation that will be requested during the refinance process. Having this information prepared will make the application process much smoother.
Some of the basic documents you will need include current pay stubs, W2s, tax returns and mortgage statements. For a full list of documents, look at our Loan Application Checklist.

2. Find the Home Refinance Loan that is Right for You
When looking at the different refinancing options that are available to you, be prepared to answer the following questions in order to find the home refinance that's best for you:
What goals do you have with refinancing? (save money, pay off your loan faster, etc.)
How long have your owned the property?
How long are you planning on owning the property?
Are you familiar with the different loan products that are available for you?

3. Complete the Mortgage Refinance Application
After you have consulted with one of our experts at Pacific One Lending and selected the refinance program that is right for you, the next step is to begin your application. You should double check to make sure that all of the information you provide on the application is accurate and reflects the documents you gathered in the first step. Even small mistakes can delay the process or be looked at as suspicious once the application makes if to underwriting.

4. Order an Appraisal
Once the loan application and documentation have been received, an appraisal needs to be ordered. The appraisal will determine the value in your property, which will support whether or not you have enough equity in your home to support the loan. Make sure to finish any home improvement projects that need to be completed before the appraiser comes to your home. The appraiser will want to look at each room in your house, so straighten up your home as well.

5. Underwriting
Your loan application and appraisal will be sent to an underwriter for review. The underwriter will study each of the documents provided and determine your ability to make payments on the loan. After the underwriter's review, there may be requests for additional documentation.

6. Loan Approval and Conditions
If your loan application meets all of the requirements set forth by the underwriter, they will issue an approval letter and conditions. The approval letter will include the terms of the loan that you are approved for and the conditions will list any remaining items that need to be provided. Carefully review your approval letter to make sure the terms match your expectations. Look over the conditions as well and gather any of the additional items the underwriter has requested.

7. Lock In Your New Interest Rate
Once you are satisfied with the loan approval and conditions, you are ready to lock in your lower interest rate. A rate lock will protect you if rates happen to rise. On the downside, if rates happen to fall and your rate has already been locked, you will not be able to get that lower rate. A rate lock generally ranges from 7 to 60 days - the longer the lock, the more fees that can apply. You should carefully determine how much time it will take you to gather the remaining conditions and factor in the time it will take the lender as well. Delays can be common occurrences in the refinance process, so factor in several extra days for anything unexpected. If you are not able to close within the lock period, you may lose your rate or face lock extension fees. Choose your lock period carefully and discuss any concerns with your loan officer.

8. Order Documents
Once your rate is locked, you will order your loan documents. Ask your loan officer to provide you with a closing statement that will describe the closing costs and loan terms. Review all of the detail with your loan officer to make sure there are no surprises at your closing. If you have any questions, you can discuss them with your loan officer. If everything looks as agreed upon, you can select a signing date and order you loan documents.

9. The Loan Signing
Finally, you are ready to sign your new loan. Your loan officer will confirm with you when and where the signing will take place. You will need to bring a driver's license or some other form of state issued identification. You will sign with a notary that can explain each document to you.

10. Close
If you are refinancing you residence, you will have a three day right of cancel period. This time period will give you more time to consider if this loan is right for you. After the cancellation period expires, your lender will fund the loan and the funds will be applied to pay off your existing loan(s). Once the funds are applied, your loan will officially be closed and you will receive your new mortgage to be recorded against your property. Typically within several days, you will receive a HUD-1 form, which is your official closing statement.

If you would like to start the home refinance process and begin saving on your monthly mortgage payments, apply online or call us today at 888-733-4224 to speak to an Orange County home refinance expert.