Process Of Mortgage Refinance By Owais Siddiqui

People who are already stuck in rolling over their loans want to get relief from their bad financial condition and at times this troublesome situation makes them more confused about finding out the right solution. People who are living in a state like Idaho have an easy way to get rid of paying high interest on their loan as there are many lending companies in Idaho state that help you to lower the interest rate by offering mortgage refinance.


The process of mortgage refinance is not difficult only you need to fulfill some requirements to obtain this. You can learn better about the process of mortgage refinance by reading these instructions given below

• First of all you need to complete a loan application

• The loan consultant obtains pre approvals for different types of mortgage loans

• You would be presented with different mortgage loan offers and you can choose any offer which suits you

• You need to submit any or all the required documentation to process the loan

• You would receive the loan disclosure with in three days which must be signed and returned to the consultant

• The loan consultant would contact the appraisal company in order to have your home appraised

• The appraisal company will make a program with you to appraise the home

• Now your consultant will order the pay off statements for all mortgages to be paid with the refinance loan

• Your loan consultant will order a title search for the subject property and will receive the reports of appraisal and title

• Your loan consultant will create a loan file and submit that into the processing department

• Your file will be reviewed by the processing department and they will obtain any incomplete documentation and information. The department will submit the file to underwriting department

• The assigned underwriter will review the file and request any further information required for final approval

• The underwriting department will provide the consultant and the process department with the list of required documentation

• Your consultant will request you for additional documentation required by the underwriter which is requested on the stipulation sheet

• After receiving the documentation the loan consultant will forward it to the underwriting department

• The underwriting department will provide the final approval and the closing date will be scheduled

• Now the final documentation will be sent to the closing company

• You will provide state issued identification along with copies of documentation signed at closings

• Your previous mortgage company will be provided with the pay off loan and the new title will be recorded with in three days.

Owais Siddiqui is an article contributor to Lender411.com. Lender411.com will locate the best Idaho refinance rates options in your area by connecting you instantly with up to four qualified lenders. Visit Lender411.com today.