Refinancing can be done to give you money for other bills or expenses, to lower an interest rate, to change a loan from an adjustable rate to a fixed rate, to change the number of months you are repaying the loan or a combination of any of these. One of the great things about working with us is that your banker will go over what to expect and when to expect it. We call this the loan process.
He or she will take your application and request your credit report and score.
Your mortgage banker will tell you what kind of refinance that he/she may be able to get you. Talk to your mortgage banker about locking your rate.
Our Operations departments leap into action by verifying your information and performing a check of all of your documents to make sure they are completed properly. If there are any issues, we go back to your Mortgage Banker. We order an appraisal and perform a title search. We also request payoff quotes for the mortgages or any other items being paid off with the refinance.
Whew! Almost there! Your file is marked “Clear to Close” internally and one last check is done to make sure documents are still current and that your rate is locked in.
Our Closer provides instructions to your closing agent and a preliminary closing/settlement statement is received and reviewed. Once approved, closing is scheduled. Your closing agent prepares a closing package with a bunch of paperwork you’ll need to sign to make the refinance official. You’ll also be told how much money you’ll need to bring to closing, if any.
CONGRATULATIONS! YOUR REFINANCE IS COMPLETE! Closing happens. You sign the paperwork and receive a copy of your new promissory note. Your first payment will be due in about 30-45 days after the refinance!
Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Housing Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.
Copyright 2020 Atlantic Bay Mortgage Group, L.L.C. All Rights Reserved