Cincinnati Refinance Mortgage Loans

We offer both conventional and FHA mortgages for our clients. Sometimes both options are available and we weigh the pros and cons of each.

FHA mortgage loans are insured by HUD. (Housing and Urban Development) These home loans are not solely credit score driven, but your credit score does play an important part in qualifying for various tiers. FHA will allow for someone with less than perfect credit or the best credit score possible to get a rate and term, cash out, or debt consolidation home loan.

Conventional loans have guidelines set by the government owned agencies Fannie Mae and Freddie Mac. These are the traditional bank guidelines that have been in place for many years. Like FHA, to qualify you must have two years of employment in the same profession, good credit history and equity (or down payment for a purchase) in the property. The different levels of equity or down payment will determine the exact rate and terms you qualified to receive.

The first step in obtaining your financing is to contact a loan officer at VanDyk Mortgage Corporation. The loan officer will complete a detailed application with you and then pull your credit. The loan officer will then analyze the available information to determine if you are a good candidate for FHA or conventional financing. Once a determination is made the loan officer will go over any additional options that may be available.

If a suitable loan for you is available the loan is structured the initial disclosures and Good Faith Estimate will be prepared and will need to be signed by the borrower(s). Income and asset documentation will also need to be collected in order to prepare the file for the initial underwriting submission.

After the loan is underwritten a list of stipulations will be issued from the underwriter stating what is needed to get a final approval. These requested items will need to be collected and submitted for the final underwrite.

Once all of the final underwriting conditions are cleared by underwriting the next step is to set up the closing date and time. Your mortgage consultant will assist you each step of the way. When it is time to close on your refinance both spouses and any other persons currently on title (even though they may not be on the loan) must be present to sign documents. All parties must also bring their driver’s license or picture ID verify identity.

After all of the documents are signed you will be given copies of the entire closing package. There is a 3 day right of rescission on owner occupied refinances. Once this time has passed the loan funds will disburse. Any funds due to you from the proceeds of the loan will be delivered to you by mail or in person depending on the arrangements.