Questions About No Points No Closing Costs Loans?
Click here to see our program on how our no points no closing cost loans work.
What to Expect for your Refinance
You will be getting TITLE AND ESCROW documentation in the mail within a week. We prefer you go in person to the escrow office because they will be able to answer all of your questions and go over everything with you. DISCLOSURES – We need you to fill out the disclosures to speed up the process. It is imperative that we get this information in a timely manner (3 days) and you can fax all this information to us.
Once we receive your information and disclosures we will submit this to your lender for underwriting.
UNDERWRITING PROCESS: Underwriting can take from 5 to 12 days approximately *this is also based on receiving info from page one. If you are not doing a fixed rate mortgage, expect the process to take longer (i.e. a 5/1 ARM). The underwriter then lets us know if we need anything else; or if we are clear to go to docs. This means we will be calling you BEFORE we order loan documentation to verify:
The final loan amount you want.
Confirm the term of the loan (15 year, 30 year, etc.)
Confirm impounds or not (insurance & taxes included in the payment)
What to expect at signing. We do not pay for insurance, taxes & interest on your current loan. (If you are doing the no points, no closing costs option, we do pay for all your closing costs, but not insurance, taxes or interest.)
We do this because some people will change their loan amount, etc. and ONCE WE ORDER LOAN DOCS, we cannot change them without getting charged a fee (from the lender) which we do not cover.
We do not ever pay for your property taxes, homeowner's insurance and Mortgage Interest on your home loan (nor does ANY mortgage company or bank). We have an audio on our website that explains the way mortgage interest works on a refinance - go to our website - www.nopointsnoclosingcosts.com then move your cursor over to Live Audio & Video Tour, then a drop down list will appear & click on Mortgage Interest Guide - It is a 2 minute audio! This should help you.
One of our courteous PROCESSORS/CLOSERS in our office will call you if we need anything along the way or have any questions for you or need FURTHER DOCUMENTATION. We ask for your cooperation with them in an effort to close your loan.
SIGNING: If you have any questions, that escrow cannot help you with, please feel free to contact us when signing. We are here to help educate you & make this as smooth as possible. We are also available by cell phone if you are signing on the weekend or after normal work hours. Please call our office, between 8 a.m. to 6 p.m. to find out who is on call that night or weekend.