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What Is A Cashout Refinance ?
 With every single mortgage payment, you end up investing more in the equity of your house. As an impending source of money, a part of the equity may be swapped over for some cash, either by taking out a home equity loan or by what is popularly called as ‘cash-out refinancing’. More..
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What Happens Before A Refinance Loan Is Funded ?
Refinance loans attract several customers who are willing to get better terms on their mortgage loans. The choice of refinancing offers consumers with lower payments and attractive interest rates, cash back, and even a chance to suborn their other debts. |
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Once agreed for refinance loan, the following series of events occur just before the refinance loan is funded:
- The first step in the process of refinancing is consultation with the loan officer of the mortgage company or the bank. You can get all your questions and doubts, pertaining to the various options available for refinance, cleared at this stage. The officer will also assist you in completing the required forms and other formalities, such as submission of paperwork like pay stubs and W2s.
- The second step in the process is title search and appraisal. Once your application and all other forms are completed, appraisal of the property and house to be refinanced needs to be carried out. The appraiser is generally hired by the title company, which is also responsible to carry out title search with the help of an abstract to ensure the absence of any liens on the concerned property.
- The third step in the refinance process before the loan is finally funded is to coordinate the ‘closing’ between the chosen title company and Mortgage Company. It involves extensive paperwork.
- In the fourth stage, all the documents prepared in the third stage are sent to the title company by closing agent for review. This entire reviewing procedure takes a single day to complete.
- The loan should be rescinded within three days from the day of ‘closing’. This period is aptly termed as the ‘rescission period’. The loan is finally funded via wire or check to the concerned recipients on the 4th day.
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