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Refinance Closing Process |
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A streamlined program for refinance loans that seamlessly combines all the best of national lender services, Super Eagle services include: Centralized title ordering, efficient settlement services, and quality mobile notary signings. Quality and productivity are monitored in a paperless environment, allowing lenders to receive real-time status on every aspect of the closing process. Customer support is consolidated and work flow is customizable, allowing Super Eagle to meet the unique needs of each national lender. Now upgradable with TitleSmartTM for faster delivery (where available) and Web Signing.
What do we offer?
- Fast turnaround, simplified pricing and an efficient process.
- National format for title insurance, available through one source.
- Progressive settlement and signing process using innovative technology.
- Reduced application-to-close turnaround.
- Increased closing ratio.
Procedure for a Refinance Closing
When you refinance your existing mortgage loan to one with a lower interest rate, you can save more than $100 a month on your mortgage payment depending on the size of your home loan and your new interest rate. But refinancing a mortgage loan isn't the simplest procedure. To get to the closing of your refinance, you'll have to submit what seems like a mountain of paperwork and meet strict lending guidelines.
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1. Find the Right Lender
○ To begin the refinance process, you'll first need to find the right mortgage lender. Fortunately, you don't have to refinance with the lender or bank to which you are currently mailing your mortgage payments. You can actually refinance with any lender that is licensed to do business in your state. Call several lenders to find the one offering you the lowest rates and fees. That's the least expensive way to get to your refinance closing.
2. Loan Application
○ Once you find a lender, you'll have to fill out your lender's Uniform Residential Mortgage Loan Application, otherwise known as Form 1003. This form will ask you basic questions about yourself. You'll have to provide your estimated annual salary, employer's address, current address, Social Security number and other information. Filling out this form starts the process that eventually leads to your mortgage refinance closing.
3. Paperwork
○ Your lender will also require you to provide copies of the financial paperwork that proves that you are able to afford your new mortgage payments. This paperwork includes copies of your bank savings and checking account statements, last two paycheck stubs, current federal income tax return and most recent credit card bills. Your lender wants to make sure that your gross monthly income is high enough, and your monthly debt obligations low enough, that you can comfortably afford to make your payments on time.
4. Closing Documents
○ To finish your refinance, you'll need to sign several closing documents. These days, you can usually sign these papers at your own home and then mail them or fax them to your lender. These papers include the HUD-1 Settlement Statement, which lists all your closing costs; the Truth-in-Lending Statement, which spells out the costs of your mortgage loan during its lifetime; and the mortgage note, a document containing your promise to repay your mortgage loan. Once you close your loan, you'll also have to pay your refinance closing costs. You can pay these in one lump payment or you can roll them into your new loan.
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