To take advantage of all-time low-interest rates, many people are thinking about refinancing their mortgages. Refinancing can lower your monthly payment and give you the chance to tap into equity, which is why many people reach out to a lender. However, during the process, you may also work with a transaction coordinator. Here are three times you may hear from a transaction coordinator during the refinance process.
1. Additional Paperwork Is Requested
While many buyers fill out online paperwork during the initial request for funding, you may be asked to submit all kinds of different documents along the way, ranging from tax returns and bank statements to letters of explanation talking about the different aspects of your financial information.
Anytime new paperwork is requested, it is important to get it to your loan coordinator as soon as possible. Talk with them about how to submit documents and how soon you may hear back about any additional paperwork that may be necessary. Some online portals make it easy to securely upload documents, while other loan coordinators may have you bring in paper copies to an office.
2. Your Loan Status Changes
Whether your loan is in underwriting or it has recently come back with an approval, you may hear from your loan coordinator anytime the loan status changes. Status changes can be incredibly exciting, and they often impact the timeline of the transaction.
If your loan status changes for better or for worse, ask your loan coordinator if the change was expected and if it is a positive thing. Oftentimes, additional documents are necessary whenever loan status changes for the worse since they can indicate the need for extra information to progress the loan forward.
3. Delays Occur
Anytime there are issues with your loan, you will hear from your loan coordinator. Delays are sometimes caused by issues with the lender, problems with your paperwork, or the inability to verify information on your application. If you experience a delay, try not to panic. Delays don't always mean your loan won't go through. Instead, they simply mean that the timeline will need to be adjusted.
Anytime you are thinking about refinancing your home or getting a new mortgage, try to work with lenders and loan coordinators who have a lot of experience working with clients to streamline mortgages. Talk with them about how to get started, lock in a great rate, and gather the necessary paperwork to make things simple.
To learn more, contact a transaction coordinator.
Once you sign the sale contract with your listing agent, there's a good chance that things will start moving quickly. Your agent will want you to stage your home for the listing photos, open houses, and showings. If you've never experienced the staging process, you may not know exactly what to do or where to start. The information on this site will help you to not only understand what's expected of staging but also offer tips for you to maximize your efforts without investing a lot of time. I hope the information here makes your home sale process a little bit less confusing and a little easier to manage.