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The Loan Application Process for Refinancing

Step # 1:

We will take 10 – 15 minutes of your time over the phone to discuss your individual situation and what you are looking to obtain from your mortgage inquiry with Evergreen Home Mortgage, LLC. We will offer advise and/or suggestions to you based on the information you provide. Our phone consultation is free of charge and is designed to show you how we work, what our loan process involves and what you should expect throughout the process and all the way through to the closing. Once you are comfortable with us and are ready to proceed, we will move to the next step.

Step #2:

We will need to take an additional 10 – 15 minutes to gather all of the pertinent personal information, including your job history, rental/ownership history, banking (asset) information, income, debts, etc. Once this information is obtained, we will type the application and send to you, along with other required stated and federal disclosures for signature before moving to the next step.

Step #3:

We will next pull a credit report and combine it with the other information you have provided. Next, we will run this information through our multiple underwriting engines so we may determine what loan program(s) you qualify for. Once we have determined the loan program(s) you qualify for, we will provide a detailed chart explaining it all. The chart will include the different program(s), interest rate associated with the program(s), principal and interest payment, estimated escrow payment and estimated total monthly mortgage payment.

In conjunction with the payment breakdown chart, we will also provide a good faith estimate (GFE) and truth-in-lending (TIL) statement for your reference. These statements will break down the closing costs, total cost of credit and show the proposed interest rate for the different loan program(s). If you are looking to obtain a cash-out refinance mortgage, the GFE will also show you the proposed amount of cash you can get from the refinance. This information will be provided in paper format and we will also go over this with you to explain it all and answer any question you may have at that time.

Step #4:

After you are pre- approved for a mortgage, we are now ready to start the refinance process. We will put together all state and federal disclosures and a document checklist of required documents we will need in order to process your loan. You will gather the information we need, sign and date the disclosure documents and return to our office.

Step #5:

Once we have the paperwork back from you, we will order the appraisal report and title work. We will then package and submit your loan file to our servicing Underwriter for approval. This process takes about 14 days. Once your loan file is reviewed by our Servicing Underwriter, they will issue a “conditional approval”. This means we will need to provide some additional documentation before they will give the final “clear to close”. Most times, the conditions are the title work from the Attorney or additional comments on the appraisal, but sometimes they ask for additional documentation from you. At that point, we will notify you and ask for the requested items. Once we provide the Servicing Underwriter everything he/she has requested and he/she has had time to review it, the final “clear to close” will be issued. Once we have the final “clear to close”, we are ready to schedule the closing!

Step #6:

Meet at the Attorney’s office with a representative from Evergreen Home Mortgage, LLC. We will be there to ensure that nothing goes wrong at the last minute. The Attorney will go over all of the documentation with you, you will sign the appropriate paperwork to obtain the mortgage loan and you are done. If you are obtaining cash from the closing, the Attorney will mail the check to you on the day of funding. If you choose, you may pick up your check from the Attorney on the day of funding.

Evergreen Home Mortgage, LLC is a GA Residential Mortgage Licensee #22880
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