Cincinnati Refinance Mortgage Loans
With all of the recent changes in today’s mortgage market the financing that makes the most sense for someone looking to refinance is an FHA mortgage loan.
These mortgage loans are backed by the United States government and are HUD insured. These home loans are not credit score driven and the guidelines allow for someone with less than perfect credit to get a rate and term, cash out, or debt consolidation home loan.
FHA allows refinances with a higher loan to value than conventional loans. Unlike a conventional loan, an FHA refinance will allow a cash out loan up to 85% LTV (loan to value). This money can be used to pay off debt, invest, or deposit into a savings account.
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 financing. Once a determination is made the broker will go over any additional options that may be available.
If a suitable option for you is available and a 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 along with their social security card to 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.
