What Is the Refinancing Process?

4 Minute Read

If you’re thinking about refinancing your existing mortgage, one of the most difficult things to do is getting started. That’s why at Churchill Mortgage we emphasize communication. It is our mission to help you save time and money on your home loan – so we can quickly check if refinancing makes sense for you. If it does, we’ll help you get through the rest of the process quickly.

To make sure you feel confident through all stages of your mortgage experience, your Home Loan Specialist will work with you to build a smarter mortgage plan that guides you every step of the way. A mortgage plan for a refinance is just as important as one for a first-time home buyer because you are replacing your current mortgage with a new home loan that usually has different terms.

Here’s an easy-to-understand view of the refinancing process.

Step 1: Origination

Loan origination is the process of applying for a home loan. This still takes place with a refinance! Once you get your loan estimate (which tells you the important details about the loan you’ve requested) you’ll decide whether you want to move forward with processing or not.

Step 2: Processing

Once your application has been submitted, your mortgage will begin to be processed. The processor will order your credit report, title report, and appraisal and you’ll be asked to:

  • Gather requested documents for asset and employment verifications
  • Request third-party services such as home inspections and surveys

Step 3: Underwriting 

Once the processor has put together your file with all of the documentation, it is then sent over to underwriting for final approval.

  • The underwriter will figure out if more information is needed
  • Once all conditions are approved, the underwriter issues the “clear to close” 

Step 4: Closing

Once your loan is approved, your file is transferred to the closing department where your closing disclosures will be process, your closing day will be scheduled, and your loan is funded.

At the closing of your home you should:

  • Bring a cashier’s check for your down payment and closing costs, and proof of insurance
  • Review all of your final loan documents
  • Sign the loan documents

If you have questions about the process of refinancing a home, let us know. We’re here to help! Or if you’d like to apply online and quickly start the process, we’ll have a Home Loan Specialist get back to you about your application status right away.

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Tools to Get You Started

Run the numbers to find out how much you can save by refinancing or what your mortgage payments will be for your home.
We’ve put together a toolkit with 10 easy steps to get you started and to help you know what to expect along the way.
Before you begin home shopping, get certified not just pre-approved.