• CMG MORTGAGE, INC. NMLS #1820

REFINANCE LIFE OF A LOAN: WHAT TO EXPECT

Find the mortgage loan process confusing? You're not alone!

At CMG Financial, we take pride in educating our customers so you feel empowered to make knowledgeable and informed decisions regarding your financial future.

Step 1: Locate A Loan Officer to Work With

Find out more about the home buying and home refinancing processes.

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Step 2: Select a Loan Program

Many loan programs are available to and your CMG Financial Loan Officer will guide you through the many options, fees and interest rates to choose from. Our goal is to make sure you are fully aware of all of the advantages of each product available.

Step 3: Complete the Loan Application

The loan process begins with your completion of an application with your dedicated CMG Financial Loan Officer. Once your Loan Officer has received your application, you will receive initial disclosures that will explain the loan program and costs associated with the loan along with other required federal and state information. Once you confirm your intent to proceed with the loan, your Loan Officer will request a number of supporting documents, most of which are described below. Once your Loan Officer has received your documentation, the loan approval process can proceed.

Documents required for most mortgage refinance loans:

A. Most recent 2 years Federal Tax Returns (all schedules of 1040’s)
B. Most recent 2 years Corporate Tax Returns (if applicable)
C. Most Recent 2 years W-2’s
D. One month’s most recent pay-stubs
E. Copy of Driver License
F. Most recent two-month’s worth of bank statements to source down payment and closing funds (all pages / even blank ones)
G. For all properties owned, please gather:

     1. Most recent mortgage statement (including home equity loans)
     2. Most recent homeowners association statements
     3. Most recent homeowners insurance policy statement

Step 4: Processing the Loan Application

Your CMG Financial Loan Officer has a team of highly experienced Loan Processors supporting your needs as well. The loan processing team is responsible for verifying the accuracy of the information you provide in your application. In addition, they will review your credit report, order an appraisal, title commitment and other third-party information necessary to submit your loan into underwriting.

Step 5: Loan Underwriting and Decision

Once fully processed, your loan will be submitted into underwriting for a decision. CMG Financial staffs many of the most experienced underwriters in the industry and can typically complete the initial review within 24 to 72 hours. If there are additional supportive documents needed, our underwriter will condition for those items and work closely with processing as well as your Loan Officer to help you satisfy those requirements.

Step 6: Clear to Close / Document Signing

Once the application has been approved and all underwriting conditions have been met, your loan will move on to the next stage. Depending on the state in which the property is located, loan documents might need to be signed and executed by a notary of public prior to funds being disbursed or are disbursed at signing. Either way, CMG Financial is equipped to facilitate both procedures expeditiously so that you can close your new loan on-time and without hassel.

Step 7: Funds Disbursed and Loan Recording

Once the title company receives the funding wire from CMG Financial, the security instrument is recorded with the applicable public recorder. Escrow is now officially closed and you are ready to move in!


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Find out more about the home buying and home refinancing processes.



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REFINANCE CALCULATORS

Explore the possibilities using our mortgage calculators. CMG Financial is dedicated to providing mortgage solutions to meet unique financial situations and goals.

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© 2016 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender, licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; Loans made or arranged pursuant to a California Finance Lenders Law license No. 6053674. Offer of credit is subject to credit approval. For State specific licensing, visit www.cmgfi.com/licensing.php. To verify our state licenses, please visit www.nmlsconsumeraccess.com. This site is not intended to serve as a business solicitation for residents in the state of Massachusetts and New York.