There have been a lot of new interested homeowners on the refinance front even though applications have remained low across the nation. While some of these consumers feel they know exactly what to expect, many have only gone through the process of applying for a loan or refinance just once.

There is a general timeline you can expect in applying for a home loan. After you have sent off your request to your chosen lender, they have two days to contact you and begin the application process. If you have made an informed choice about your lender as well as your loan, there is little reason for a lender not to begin this process. Their response should include a letter of commitment stating the offer. Conditions on this letter will need to be met in order for the close to occur, so make sure you look it over carefully, understand the terms, and ask questions if you need to. Some conditions may include correcting violations in building or zoning codes. These can be subject to change and are easy to overlook.

Sometimes after submitting a lock request, the lender does not respond. If this happens you will be able to once again choose a lender and submit another request. I recommend that you have another look at your mortgage situation and check your Mortgage Grade to make sure you are making the best decision.

Nance Blog