Local: 415-454-1130

charlie@emgmortgage.com
 

 

 

Local: 415-454-1130

charlie@emgmortgage.com
 

mortgage loans
 
 
 

Welcome to our Home Refinance Center!

If you are looking to refinance your existing mortgage, you've come to the right place! Your first step is to schedule a telephone call or face-to-face meeting so that we can get an understanding of your goals and objectives. We will then typically follow up with our custom spreadsheet detailing multiple loan options - unless your situation requires the steps below to be completed first. From there we will take the appropriate actions to guide you through the process.

Step #1: Complete Application

IT IS VERY IMPORTANT YOU AGREE TO ELECTRONIC DELIVERY OF DOCUMENTS - it's called e-Consent and it's at the end of the application. This will ensure a timely and smooth exchange of documentation. You may also apply via telephone or in person. To apply online, click here and be sure to select your loan officer. Complete every required field and if you don’t know the answer or it does not apply, just put something in that field - a period or 0 etc. It is VERY important you do not leave your computer unattended for more than 5 minutes as the application will time out and your data will not be saved.

Step #2: Needs List

Documents we will need for your refinance:  You may send these to your contact person at Equitable Mortgage Group via the Secure Transfer link on their email signature.

  1. Last two years' W2's, 1099's, business and personal federal tax returns with all schedules and K1's.
  2. Current Profit & Loss Statement (if you are self-employed with 25% or more ownership of your company).
  3. One month’s worth of most recent paycheck stubs. Please also send Social Security Award Letters and/or pension income documents, if applicable.
  4. Last two months of complete asset statements - checking, savings, quarterly 401k, stocks, bonds - all pages including blank pages. If you will be using your 401k funds to meet cash reserve requirements, we will need the Terms of Withdrawal from your plan administrator - proving you may access those funds in the event of a hardship.   
  5. Current mortgage statements, property tax bills and evidence of homeowner's insurance for all properties owned - including Lease Agreements if you own rental property. It is important you understand that your homeowner's insurance premium may need to be paid - depending on your renewal date and the date of the first payment on your new loan. Additionally, if your coverage is not sufficient, it may need to be increased.
  6. Please provide us the contact information for your HOA if you are a condo or PUD owner.
  7. Copy of recorded Divorce Decree or Marital Separation Agreement (if applicable).
  8. If there is an illegal unit (in-law, granny, etc.) we need to know immediately as not all lenders will allow illegal units.
  9. Has the property been listed for sale in the last 12 months? If so, you must let us know so we can pick the correct lender.
  10. If you have any areas of your home under construction, please let us know right away. Bathroom countertops, drywall, roofing etc. These items will need to be completed before a new loan closes and ideally before the appraisers visits the home. DO NOT start new construction or remodel projects before your loan closes.
  11. Is your property and/or asset statements in a Trust? If you property is not in a Trust, it should be. If you would like a referral to a great Trust Attorney, let us know.

 

Step #3: Loan Submission and Conditions

Loan Process Overview

  1. We will send you initial disclosures for your signature. These are rough drafts and will be corrected and/or updated throughout the process.
  2. Make sure you have Carbon Monoxide Detectors installed in your home before the appraisal appointment.  Also, make sure the water heater is double-strapped. It is important you understand the roughly $500-600 appraisal cost is your responsibility.
  3. Condo owners:
    • Condo owners need to understand that the HOA will be charging them anywhere from $100-$500 to provide the required "condo docs" - CC&R's, Questionnaires etc.
    • Condo owners may or may not need an HO6 Policy of "Walls-in" insurance... it depends on whether the Master HOA Policy covers you or not.
  4. We then submit your loan to the lender for approval.  They will respond with a list of “conditions” you need to provide. These requests for "conditions" will continue throughout the loan process.
  5. The final docs will be sent to the Title Company for your signature and then back to the lender for funding.
  6. Once the lender reviews the final docs, they will fund your loan and you will go on record with the County.
  7. THE most frustrating aspect of the loan process for many of our clients is "documenting large deposits" on their bank statements.  The level of detail required to paper-trail the large deposits and transfers between accounts is simply ridiculous and painstaking. 

Prepare for Closing

  1. Expect to be asked for more documentation up until closing.
  2. Let us know if you have any travel plans before closing.
  3. Make sure all funds to close come from accounts that you have provided to us.
  4. If you have a spouse or other person on Title who is not on the loan, there will be a number of documents that they need to sign - make sure everyone will be at the signing appointment.
  5. A second credit report may be pulled the day before your loan funds. As a result, to avoid potential changes to your loan approval status, we advise you don't use credit cards, buy cars or other large  purchases without checking with us first.
  6. The lender will call your employer the day the loan funds to ensure you have not quit your job or given notice that you are quitting. If your employer is not responsive, it could delay the closing.
  7. VERY IMPORTANT: If you have your mortgage on some sort of Auto-Payment system, you will need to turn it off for the old mortgage at the appropriate time and you will need to setup the new Auto-Pay once you close on the new loan. Also, DO NOT make EXTRA payments towards your principal on your existing mortgage without checking with us. If your loan balance is less than expected, it could trigger delays and added expenses.
  8. It is important you understand that all refinance transactions come with between 3 and 4 days of overlapping interest. As a result, you may receive a small refund after closing.
  9. If you are keeping a line of credit or second mortgage in place, it will need to be subordinated by your existing lender and they charge roughly $300 to do so. This charge is your responsibility. It is also important you understand that we cannot control the speed of that lender providing the subordination paperwork.

Post Closing Information

Where do you send your first payment? The closing documents you signed with the Title Rep or Mobile Notary have a First Payment Letter with instructions on where to send your first payment. The first payment date is also on your Note.

Your loan may be sold to a large bank or other reputable institution and potentially sold a few times. This is normal in the mortgage industry.

As always, we are here to answer all of your questions and help you with any challenges that may arise. All of our contact information can be found under the Contact Us page on our website. It is our policy to have an on-call representative.

Finally, and as always, if you have a family member, friend, co-worker or neighbor who is looking to buy or refinance their mortgages, we would love the referral!

Thank you!

If you are looking to refinance your existing mortgage, you've come to the right place! Your first step is to schedule a telephone call or face-to-face meeting so that we can get an understanding of your goals and objectives. We will then typically follow up with our custom spreadsheet detailing multiple loan options - unless your situation requires the steps below to be completed first. From there we will take the appropriate actions to guide you through the process.

Step #1: Complete Application

IT IS VERY IMPORTANT YOU AGREE TO ELECTRONIC DELIVERY OF DOCUMENTS - it's called e-Consent and it's at the end of the application. This will ensure a timely and smooth exchange of documentation. You may also apply via telephone or in person. To apply online, click here and be sure to select your loan officer. Complete every required field and if you don’t know the answer or it does not apply, just put something in that field - a period or 0 etc. It is VERY important you do not leave your computer unattended for more than 5 minutes as the application will time out and your data will not be saved.

Step #2: Needs List

Documents we will need for your refinance:  You may send these to your contact person at Equitable Mortgage Group via the Secure Transfer link on their email signature.

  1. Last two years' W2's, 1099's, business and personal federal tax returns with all schedules and K1's.
  2. Current Profit & Loss Statement (if you are self-employed with 25% or more ownership of your company).
  3. One month’s worth of most recent paycheck stubs. Please also send Social Security Award Letters and/or pension income documents, if applicable.
  4. Last two months of complete asset statements - checking, savings, quarterly 401k, stocks, bonds - all pages including blank pages. If you will be using your 401k funds to meet cash reserve requirements, we will need the Terms of Withdrawal from your plan administrator - proving you may access those funds in the event of a hardship.   
  5. Current mortgage statements, property tax bills and evidence of homeowner's insurance for all properties owned - including Lease Agreements if you own rental property. It is important you understand that your homeowner's insurance premium may need to be paid - depending on your renewal date and the date of the first payment on your new loan. Additionally, if your coverage is not sufficient, it may need to be increased.
  6. Please provide us the contact information for your HOA if you are a condo or PUD owner.
  7. Copy of recorded Divorce Decree or Marital Separation Agreement (if applicable).
  8. If there is an illegal unit (in-law, granny, etc.) we need to know immediately as not all lenders will allow illegal units.
  9. Has the property been listed for sale in the last 12 months? If so, you must let us know so we can pick the correct lender.
  10. If you have any areas of your home under construction, please let us know right away. Bathroom countertops, drywall, roofing etc. These items will need to be completed before a new loan closes and ideally before the appraisers visits the home. DO NOT start new construction or remodel projects before your loan closes.
  11. Is your property and/or asset statements in a Trust? If you property is not in a Trust, it should be. If you would like a referral to a great Trust Attorney, let us know.

 

Step #3: Loan Submission and Conditions

Loan Process Overview

  1. We will send you initial disclosures for your signature. These are rough drafts and will be corrected and/or updated throughout the process.
  2. Make sure you have Carbon Monoxide Detectors installed in your home before the appraisal appointment.  Also, make sure the water heater is double-strapped. It is important you understand the roughly $500-600 appraisal cost is your responsibility.
  3. Condo owners:
    • Condo owners need to understand that the HOA will be charging them anywhere from $100-$500 to provide the required "condo docs" - CC&R's, Questionnaires etc.
    • Condo owners may or may not need an HO6 Policy of "Walls-in" insurance... it depends on whether the Master HOA Policy covers you or not.
  4. We then submit your loan to the lender for approval.  They will respond with a list of “conditions” you need to provide. These requests for "conditions" will continue throughout the loan process.
  5. The final docs will be sent to the Title Company for your signature and then back to the lender for funding.
  6. Once the lender reviews the final docs, they will fund your loan and you will go on record with the County.
  7. THE most frustrating aspect of the loan process for many of our clients is "documenting large deposits" on their bank statements.  The level of detail required to paper-trail the large deposits and transfers between accounts is simply ridiculous and painstaking. 

Prepare for Closing

  1. Expect to be asked for more documentation up until closing.
  2. Let us know if you have any travel plans before closing.
  3. Make sure all funds to close come from accounts that you have provided to us.
  4. If you have a spouse or other person on Title who is not on the loan, there will be a number of documents that they need to sign - make sure everyone will be at the signing appointment.
  5. A second credit report may be pulled the day before your loan funds. As a result, to avoid potential changes to your loan approval status, we advise you don't use credit cards, buy cars or other large  purchases without checking with us first.
  6. The lender will call your employer the day the loan funds to ensure you have not quit your job or given notice that you are quitting. If your employer is not responsive, it could delay the closing.
  7. VERY IMPORTANT: If you have your mortgage on some sort of Auto-Payment system, you will need to turn it off for the old mortgage at the appropriate time and you will need to setup the new Auto-Pay once you close on the new loan. Also, DO NOT make EXTRA payments towards your principal on your existing mortgage without checking with us. If your loan balance is less than expected, it could trigger delays and added expenses.
  8. It is important you understand that all refinance transactions come with between 3 and 4 days of overlapping interest. As a result, you may receive a small refund after closing.
  9. If you are keeping a line of credit or second mortgage in place, it will need to be subordinated by your existing lender and they charge roughly $300 to do so. This charge is your responsibility. It is also important you understand that we cannot control the speed of that lender providing the subordination paperwork.

Post Closing Information

Where do you send your first payment? The closing documents you signed with the Title Rep or Mobile Notary have a First Payment Letter with instructions on where to send your first payment. The first payment date is also on your Note.

Your loan may be sold to a large bank or other reputable institution and potentially sold a few times. This is normal in the mortgage industry.

As always, we are here to answer all of your questions and help you with any challenges that may arise. All of our contact information can be found under the Contact Us page on our website. It is our policy to have an on-call representative.

Finally, and as always, if you have a family member, friend, co-worker or neighbor who is looking to buy or refinance their mortgages, we would love the referral!

Thank you!

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