You'll Find a Fast and Easy Refinancing Experience Here
If you're looking to refinance your current mortgage, you've come to the right place. TruStone Home Mortgage offers some of the most competitive rates around and a quick, stress-free refinancing process.
How Long Does the Refinancing Process Take?
Since you already own the property, mortgage refinancing typically doesn't take as long as the mortgage purchase process. In fact, we can often get you preapproved for refinancing in as little as 48 hours. The entire refinancing process can be wrapped up in 23 days. Here's why:
- We stay on top of the latest rules and regulations.
- You know what steps you need to take from the get-go.
- We review everything with you ahead of time, so you have time to ask questions and don't face surprises at the closing table.
- Our mortgage specialists offer a combined 125+ years of experience and knowledge in the mortgage industry.
What Can I Expect During the Refinancing Process?
There are three main phases you can expect when you work with TruStone Home Mortgage to refinance your current mortgage. We understand that every loan is unique, but you can review a typical process below. The phases include:
Phase 1: Pre-approval
The first phase includes filling out the refinance pre-approval application and a review of your credit report. If you qualify for pre-approval (most often you'll know within 48 hours), we will then analyze the loan proposals currently available in the market. Based on your goals, we narrow down and explain the options you have to consider.
At this point we provide a list of documents you will need to provide, so we can process and underwrite your mortgage refinance application. We then ask that you provide us with the requested documents within four days.
Phase 1 = 14 days
Phase 2: Underwriting
During this phase, TruStone Home Mortgage submits orders to the third-party vendors to get the ball rolling. At the same time, we submit your loan application to our internal underwriting department to verify your income, assets, employment and other required documentation.
The third-party vendor work assignments and paperwork are completed in seven days, submitted back to underwriting, and a final determination is made that the loan is or isn't clear to close.
Phase 2 = 9 business days
Phase 3: Closing
After your loan is cleared to close, we schedule a date and time with you for the closing as soon as possible. Our team requests the closing documents from the title company chosen for your mortgage. You are provided with a document that details all of the costs associated with your loan. We review this with you prior to closing, so you know who you are paying, what you are being charged for and how much it all costs. The closing meeting shouldn't take more than an hour.
Phase 3 = 1 hour
Phase 4: Feedback
Once your loan closes and you get your ducks in a row, we provide you with a survey to share feedback on how we did. It's important to us to better ourselves and our process and we love to hear from the people we helped better into a better financial situation.
Contact Us for Details
If you have questions about refinancing, contact us or call 763.595.4010. We're happy to talk with you before, during and after the mortgage refinancing process. TruStone Home Mortgage will also handle the servicing of your loan once it closes, so we're for you in the short and long-term.