THE REFINANCE PROCESS
Once you’ve decided you’re ready to refinance and have met with a loan officer to determine the type of refinance you will need, you’re ready to get started!
1. Complete the Refinance Application
Just like when you purchased your home, you will need to complete a mortgage application with information about yourself and the home. This can be completed through the WH Home App, over the phone, or in person.
2. Consent to Proceed
A Notice of Intent to Proceed with Loan Application (NIPLA) is a letter signed by you to grant the lender permission to proceed with your application.
3. Submit Documents
Paperwork please! You’ll need signed disclosures, bank statements, W2s, tax returns, and more. Getting these documents together ahead of time will help speed this up.
4. Get a Loan Estimate
Lenders are required to provide a Loan Estimate (LE) within 3 days of receiving your loan application. The LE estimates the fees and closing costs that will be associated with your mortgage refinance and will summarize your new loan terms and monthly payment.
5. Get a Home Appraisal
Even though you had a home appraisal when you bought your home, the value might have changed. The refinance appraisal will account for any upgrades you’ve made to your home and any home value appreciation that has occurred in your market since your home purchase.
6. Receive a Final Decision
Once you’ve finished everything above, an underwriter will review your complete application and issue a final decision.
7. Close Your Loan
When you receive final approval, you’re ready to close. You’ll have to sign all of your paperwork and pay any lender’s fees at this time.