- Meet with your Centerpointe Financial loan officer
- Provide the documentation (detailed in the left column).
- Your credit is run
- Your loan file is reviewed and typically run through the Fannie Mae or Freddie Mac online system for approval.
- Your Centerpointe Financial loan officer sends you the loan disclosures
- Sign your loan disclosures and send them back to your Centerpointe Financial loan officer.
- Your loan is submitted to the lender
- 3 days later your appraisal is ordered
- Your loan file is being reviewed by your lender while your home is being appraised.
- The loan officer gets your loan underwriting back from the lender. At this point the lender has given the loan officer any questions or further documentation that they need from you to complete the loan process. The loan officer goes over these with you. In most cases they are relatively simple and are just to address some of the lenders questions that may come up while reviewing your file.
- Your appraisal report is usually complete 3-5 days after the appraiser inspects your house.
- At this point your appraisal is done and you’ve given the Centerpointe Financial loan officer any extra documentation (also know as “loan conditions”) that were requested.
- The Centerpointe Financial loan officer orders your final loan documents from the lender.
- Loan documents are drawn up and delivered to escrow. Escrow calls you to schedule the signing appointment.
- You sign loan docs with the notary.
- Loan docs are sent back to the lender. They do their final review. Anything still missing at this point must be completed.
- You wait 3 days from your loan signing for the cancellation period to be over.
- Your loan funds. This means the lender sends the money from the new loan to escrow.
- The following day the Deed of Trust is recorded with the county recorder.
- Once the Deed records, escrow pays off your old lender and sends you any leftover money. Your loan is now closed.
FYI - Just when you thought it was all over, you can expect junk mail for the next few months where companies will offer to file a Homestead for you, or try to sell you copies of your Deed of Trust. Throw away the junk mail, but be sure to keep your eye out for your new mortgage bill, you don’t want to throw that away.
Now that we have gathered all of the needed documentation as detailed to the left. It is time to begin the process of the refinancing.
The steps below will provide you with the basic order of events in the loan process.
Documentation needed for your refinance
Centerpointe Financial, Inc. Refinance