To start the qualification process, CLS will complete a loan application, run credit and send you a series of emails to include a list of requested documents needed, including your current mortgage information from the current lender. The emails will also contain your credit report, e-consent to be signed and an educational video to provide tips during this stage. Once we receive your documents, we will review and verify your loan qualification. Our next step is to prepare loan program and pricing options with interest rate, payment and possible savings. Typically, any costs for the loan are included in the loan amount and the only out of pocket expense may be the appraisal.
As a direct lender, CLS offers a wide range of loan products and specialty programs. At CLS, it is important to schedule a meeting so we can carefully listen to what you want to accomplish with your refinance. Do you want to take cash out of your equity to consolidate debt, or do home improvements? Or, is it your goal to remove mortgage insurance and / or lower your current interest rate and payment. During this meeting, we will review everything we sent and provide the right program solution to help you reach your goals and meet your specific needs. Together, we will explore your home loan options, along with the steps you need to get qualified for a loan. We find every way to go above and beyond; providing our time and the expertise needed to set you up for full financial success and peace of mind during your mortgage planning.
Lenders will most likely require an appraisal on a refinance, but occasionally there is a possibility of an appraisal waiver, depending on your situation. If needed, CLS will order an appraisal on the property and contact you for payment. Confirming the value of the property will help us determine your final loan to value, which effects the programs and pricing as qualified.
CLS will prepare your loan submission and will let you know once we receive final loan approval. We will keep you updated daily on pricing for you to review and confirm if you are ready to lock in the interest rate. Please provide your current fire and hazard (homeowners) insurance policy so we can change the update the last payee. Continue to keep your documents updated throughout this process. Once we receive final loan approval from the underwriter, we will contact you with any outstanding conditions to clear your file for loan documents and fund your loan.
Once all outstanding conditions from you and escrow have been received and signed off, we will email you your Closing Disclosure to review and sign. The date of signature begins the three day waiting period for you to be eligible to sign your loan documents. The loan documents will be sent to escrow, who will then contact you to schedule a signing appointment. Once the appointment is scheduled, please contact CLS, so that we can be available to answer any questions during your signing. If refinancing an owner-occupied property, there will be a three day right of rescission. Please look out for a copy of your first payment letter enclosed with your loan documents.
Escrow will send your loan documents back to the bank for funding review. Once reviewed, the funder will will let us know if there are any remaining funding conditions for escrow or the borrower. Once the loan funds, the money from the bank will be wired to title to record. Escrow is responsible for setting up the recording with title. Once the property has been recorded, you will receive any funds due to you.
The best way to thank CLS for all their hard work is by introducing your friends, family and colleagues who are looking to purchase a new home, second home, investment property, or even to refinance. Our goal is to provide peace of mind to our clients throughout their journey of home ownership and build the trust needed to become their personal loan specialists for life! Enjoy the experience of the CLS lending difference.