Refinancing, or the process of getting a new loan for your home, can help you lower your monthly payments and shorten the term of your loan. For homeowners that are looking to leverage the equity in their home, follow these six simple steps: 

Step 1: Determine Your Financial Goals

People choose to refinance for a variety of reasons. Whether you’re looking to take advantage of low-interest rates, consolidate your debt, or put additional resources towards saving for your child’s college fund, it’s important to know what you want so you can seek the best loan programs that will help you to achieve your goals. 

 

Step 2: Contact NJ Lenders Corp.

Once you’ve determined your goals, contact any of the licensed loan officers at NJ Lenders Corp. to help make them a reality. It’s easy to get in touch with one of our mortgage experts by filling out our online application or giving us a call. Our loan officers offer advice and recommendations that are tailored to your individual needs. We offer a helping hand when it comes to understanding the details of your loan options so you can feel confident in your refinancing decisions. 

 

Step 3: Gather Important Documents

If you have decided to move forward with us, your loan officer will provide you with a list of the necessary documentation for the refinancing process so that we can verify your information and credentials accordingly.

Some of these documents may include (but are not limited to) the following:

• Driver's license(s)

• Your pay stub(s) covering the last 30 consecutive days

• W-2 forms for the last 2 years

• Last 2 months of bank statements

• Social security card(s), or, if you are not a U.S. citizen, a copy of the front and back of your green card(s)

 

Step 4: Selecting Your Loan Program

After speaking with your loan officer, it will be time to select your loan program. This includes confirming monthly payments, loan terms, and interest rates. It’s important to lock in on favorable interest rates as soon as possible to avoid market fluctuations in the future. 

 

Your loan officer may also send a few preliminary documents, such as a good faith estimate and the truth-in-lending disclosure. These documents contain all the important details of your selected loan program. 

 

Following this, we’ll contact you to schedule an appraisal inspection as the next step of the refinancing process. 

 

Step 5: Processing Your Application

After receiving and reviewing your documents and credentials, we’ll contact you to complete the final stages of the refinancing process. This includes ordering a preliminary title report and coordinating with all involved parties to ensure a quick-and-easy loan process. After all documents and details have been confirmed, the loan file will be delivered to an underwriter for final approval. 

 

Step 6: Closing Day

After the underwriter has approved your loan application, NJ Lenders Corp. will contact you to schedule an appointment for your loan document signing. Similar to the rest of the refinance process, these appointments are quick and easy. You can elect to complete the signing at home or an approved location of your choice. Within 30 minutes or less, you will have successfully completed the refinance process.