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The refinancing process often sounds more complicated
than it really is. If you work with a qualified mortgage lender, many
of the steps will be handled for you and the lender will keep the process
on track.
Just like your initial home purchase, refinancing
means you need to determine the right loan for you, based on your financial
situation and how long you intend to remain in your home. When you work
with Champion Mortgage®, you're not alone in that decision. A Champion®
loan representative will work with you one-on-one to make sure your needs
are well met.
Once you've been approved, you and your mortgage lender will:
- Have your home appraised (an appraisal fee is required).
- Set a closing date and location.
- Review the Good Faith Estimate and other closing
documentation prepared by your mortgage lender. This helps you anticipate
costs that might be due at closing.
- Arrive at the closing, where you will need to provide any outstanding
information and sign your loan papers. At that point, you may also need
to bring a certified or cashier's check for any closing
costs that are your responsibility. This meeting generally takes
less than one hour. Often, when you refinance, your closing costs are
included in the total loan amount so you won't be expected to pay these
fees out of pocket.
- Once the loan papers have been signed, the "period of rescission"
begins. You have three business days to decide whether to proceed with
the loan. After that, the funds are released by the mortgage lender
and your loan is complete. If you're receiving cash at closing, this
is when your check will also be released.
Find out how mortgage refinancing from Champion
could help your home work harder for you.
At Champion, our loan specialists are trained to listen to your needs and
carefully assess your financial situation. Only then will we recommend a
customized solution that makes sense for you. Ready to get started? Call 1-800-CHAMPION or
click here for a free, no obligation consultation with one of our Loan Specialists.
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