Remortgage Process
Here is a step by step guide to help you with the remortgage process.
Mortgage company; you can use your current mortgage company or select a new one, see mortgage companies for more info. Get a few different remortgage quotes from different mortgage companies.
Loan application; needs to be completed in order to begin the remortgage process. The application authorizes the mortgage broker to check your credit, order a appraisal and title insurance.
Loan processor; is the person assigned to your file to help process the loan. They will verify the application data to make sure it is complete and is up to lending standards, including type of remortgage, your assets, liabilities and employment history. They will also be the one to order the appraisal, survey and title.
Interest lock; after the loan processor has verified all your information for you personally and your property and now knows what remortgage interest rate you qualify for they can lock it, that way it doesn’t go up during the remaining time it takes to close your loan.
Lender; is the investor that is actually going to be funding the loan. It may be the mortgage company your are working with or they may broker the loan out to another company, so you may never even know who the lender is until the very end.
Escrow agent; is the person at the title company that is going to handle all the closing documents. They will also handle any money that needs to be paid for down payment, insurance and association dues, etc. You will be signing all your closing documents with them at the end.
Appraiser; comes out to your house to measure and take pictures. They will also check some comparable houses in your neighborhood to help in determining its current market value.
Underwriter; reviews the whole package to make sure that you and the property qualifies for the loan product you are trying to get. They will double check everything, before allowing the actual funding of the loan.
The remortgage advice I have for you regarding the remortgage process is, do everything they ask of you in a timely fashion and stay on top of them so they don’t drop the ball. If you don’t understand something ask them to help you understand.
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