The Streisand Team
at STERLING NATIONAL BANK
Your Refinance During the process of beginning a refinance on your home mortgage loan, it is important that the same criteria you used to select a qualified mortgage consultant for your home purchase also be applied to selecting a team of professionals to handle your refinance. A qualified mortgage consultant should keep in touch with you after the purchase of your home, to alert you if there is an opportunity to refinance.
Among the important factors to remember: • Do not let rate alone dictate your decision. • Chose a team who will analyze all of your personal financial statements, credit history, and short and long term financial goals. • Expect to receive a detailed qualification statement from your mortgage consultant, which should outline various mortgage programs best suited to your needs. • Expect to receive a detailed analysis of any costs you may incur during the closing of your loan. Once you are ready to choose your mortgage program with the guidance of your mortgage consultant, your consultant will begin to collect necessary documentation in order to begin processing your loan. During the processing of your refinance, the following documents will be handled by your mortgage consultant to ensure your loan transitions smoothly to the underwriting department of the bank.The processing phase of your refinance is very similar in its document requirements as the processing that goes on during the purchase of a home. You will have to submit tax returns and asset verification statements, and the following additional documents will have to be obtained by your mortgage consultant to secure your loan:
Appraisal – Your home will need to be appraised for its current market value. Mortgage Tax Assignment ( for NY properties)– Your Mortgage Consultant will coordinate the assignment for your existing mortgage to a new lender, thus avoiding the need to pay the mortgage recording tax again. This is handled directly by your Mortgage Consultant, or in conjunction with your attorney, and is a very important part of the refinancing process. Title Insurance – A a new title will be ordered to ensure you are the sole owner of your property. Once your mortgage consultant completes the processing phase of your refinance, your loan will be sent to the underwriting department, at which point they may require some conditions, but will at the same time issue you a commitment if you qualify. Upon receipt of the any additional documents required, your loan will then be cleared for closing. Your mortgage consultant will then contact you to schedule the closing of your loan. © 2012 The Streisand Team at Sterling National bank
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