The Refinance Process

Mortgage and Lending with FHA, VA, Jumbo, Downpayment Assistance, Conv. NMLS #276329


The steps you must take to refinance a mortgage will be similar to the ones you took to get your current loan:

Step 1: Start with the Basics Establish your goals for refinancing, then examine your current financial situation to decide if a refinance makes sense for you. An expert from First Heritage Mortgage can work with you to make sure you’re considering the right things when making this decision.

Step 2: Application Once we determine that a refinance is right for you, it’s time to start the application. Much like your original mortgage application, we will request general information as well as documentation of your income and assets.

Step 3: Processing We will collect property information with an appraisal, title reports, and proof of insurance. A credit report will be requested, and we will verify your income and assets.

Step 4: Underwriting & Approval Our underwriters will make sure all loan guidelines are met by confirming the information we’ve provided. A checklist of factors must be satisfied in order to obtain approval. You may be asked to provide additional documentation during this time. It’s important to respond to all requests quickly, or “conditions” may be put on the approval, preventing you from moving forward.

Step 5: Closing & Funding After all conditions for approval have been satisfied, your loan is cleared to close. We will compile your closing package, and then your closing will be scheduled and completed. On loans for primary residences, a three (3) day rescission, or waiting period, must occur between the closing and funding of the new loan. After the rescission period, your former loan will be paid off and your new mortgage will start. 



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Lisa Perry, Senior Loan Officer

"Your Northern VA Mortgage Specialist"


NMLS ID #86548 / 276329


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 Proudly Serving Washington DC, Virginia & Maryland

Comments (1)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Sep 05, 2021 02:51 AM