How To Refinance Your Home Mortgage - Loan Processing and Underwriting ( Step 8 )
Get 2 Free Stocks With WeBull – Each Up To $1400 In Value
https://act.webull.com/kol-us/share.html?hl=en&inviteCode=u7THxkyFCPv7 Get Free Quote Now -
http://bit.ly/36K1AfJ Save up to 52% on your car insurance
Don’t Keep This To Yourself ? Like & Share ❤️❤️
Toggle Offers Completely Customizable Renters Insurance, so you only pay for what coverage you need. With policies starting at $5
http://fnv.go2cloud.org/aff_c?offer_id=8&aff_id=102828 Questions To Ask Your Lender PDF -
https://drive.google.com/file/d/1-1FgT29JbX6vaIpcSOXNCf7VKi-pSy-j/view?usp=sharingSocial Media
Follow Me On TikTok -
https://www.tiktok.com/@senadbyw#refinance #homemortgage #home
Step 8: Loan processing
The loan processing stage gives the mortgage company time to inspect and record all of the documents you’ve submitted with your loan application.
Get a home appraisal
Once your refinance is processing, many lenders will set up an appraisal of your home to verify it is worth enough to qualify for a new home loan. However, Beeston notes that Fannie Mae and Freddie Mac have streamlined the process so much that you don’t always need an appraisal.
Their new technology provides automated comparisons that can gauge the risk of offering you a new loan and help you qualify for an “appraisal waiver,” she says. In that case, you won’t have to endure or pay for an appraisal.
If you do need an appraisal, however, your mortgage lender will set it up for you. Once the appraisal is completed, both you and your lender will receive a copy that includes an estimate of your home’s value.
Underwriting
During the next step of the process, mortgage company employees known as underwriters go through all the paperwork involved in the refinance to make sure it makes sense and matches up in their system. “The underwriter checks all the paperwork that supports the loan,” says Beeston. “Their job is to make sure everything entered into the system is accurate.” However, some lenders also automated underwriting engines to speed up the process, relying on people only when follow-up or additional information is needed.
During this part of the process, you may receive questions or requests for additional information as well.
...
https://www.youtube.com/watch?v=6D-nYvYNLR8