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Home Refinancing Timeline

Summarized below is a detailed outline of the home refinancing process.
While every refinancing process is unique, the following is an estimate of the sequence of events.


 

STEP #1
DOES REFINANCING MAKE SENSE?

A thorough examination of your
current home loan is required to provide
a specific breakdown of loan options
and potential savings.

 

STEP #2
LOCKING A RATE

Once a home loan program is decided upon,
your rate will be locked with one of
our lenders. If rates should dip after we lock,
we will re-lock your rate automatically,
as we review rates daily.
This is a free service and part of our
general service. We have the ability to
re-lock the rate up until the day before closing.


STEP #3
APPRAISAL & TITLE WORK

Heritage Home Funding will order both
services for you. The Appraisal is a
professional valuation of the property
which must support the loan process chosen.
The title search, performed by the
bank attorney, ensures that there are no liens
against the property.

STEP #4
REVIEW OF FINAL FIGURES

1-2 days before closing, the attorney will
prepare the HUD settlement statement
which itemizes and totals all of the
closing costs, escrows, and deposits.
Heritage Home Funding will call
to explain exactly how much you
will need to bring to closing.


STEP #5
CLOSING

All official final documents are reviewed
and signed with the closing attorney.
Copies of all signed documents will be provided to the customer.

OUR AFFILIATIONS
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Member Better Business Bureau,
Serving Eastern Massachusetts
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28 South Bolton Street, Marlborough, MA 01752 • Phone: 508-480-8822 • Fax: 508-480-8832 • MA License #MB3108 • NMLS Company ID #3108