REFINANCE PROCESS

REFINANCE PROCESSValley View Home Loans team of loan professionals wants to make sure your loan process is as smooth as possible. Below you will find a process flow of what to expect during your refinance transaction. Also, we have a list of things you should avoid when in process for a mortgage loan.

Valley View Home Loans – Process

    • Application is taken by licensed loan officer who will request certain disclosures to be signed and returned along with your financials and all required documents.
    • Once all documentation requested has been provided, your loan is turned into underwriting department
    • Current turn time in underwriting department is 1 day.
    • If underwriter determines your loan to be approved, conditions and approval will be sent to you.
    • Appraisal is ordered and any remaining conditions are satisfied by borrower, lender or any third party needing to be verified.
    • Loan is negotiated for lock, and file is then locked in at your desired loan product, interest rate, term and loan amount.
    • The file is then put into QC, where final auditing of the file is done, then the file is sent to Doc department to draw your loan documents
    • Loan documents are sent to escrow, and a notary schedules a signing appointment.
    • After loan docs come back to the lender, file is reviewed and any missing conditions are satisfied.
    • Loan funds and records, and disbursements are made to appropriate parties.

4 Things to NOT DO when shopping for a loan

    • Don’t run your credit more than a few times (each inquiry can lower your score)
    • Don’t change or quit your job or reduce hours at your job
    • Don’t deposit cash into the bank, and don’t deposit monies that cannot be traced and sourced
    • Don’t buy anything with credit (don’t open new accounts, buy a new car, or charge up the accounts you already have open)