The Refinance Process

NJ Lenders Corp.

The Refinance Process Refinancing, or the process of getting a new loan for your home, can help you lower

Refinancing is a popular decision for homeowners looking to lower their monthly payments or shorten the term of their loan. Getting a new home loan helps homeowners to leverage the equity in their home, and can be achieved by following these six simple steps: 

Step 1: Determine your refinance goals

Homeowners choose to refinance for many reasons, including consolidating debt, taking advantage of low-interest rates, and putting additional resources towards saving for a child’s college fund. It’s important to clearly decide on any financial goals to help determine which loan program will be the best fit. 

Step 2: Get in touch with us at LendGen

After outlining your refinance goals, it’s time to make contact with any of the licensed loan officers at LendGen. Get in touch with one of our mortgage experts by filling out our online application or giving us a call directly at our office. Each of the LendGen loan officers offer recommendations and advice that are tailored to your individual needs. We understand the details of your loan options and offer a transparent, no-fuss approach when navigating the refinance process so you can feel confident in your decision.

Step 3: Gather your important documents

Your LendGen loan officer will provide you with a list of the necessary documentation for the refinancing process. These documents allow us to verify your information and credentials accordingly. 

Some of these documents may include the following:

• Driver's license
• 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: Select your loan program

After speaking with your LendGen loan officer, it will be time to select your loan program. Loan programs differ when it comes to monthly payments, loan terms, and interest rates, so it’s important to determine which options work best for you. Always lock-in on favorable interest rates as soon as possible to avoid market fluctuations in the future. 

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

Following this, your loan officer will contact you to schedule an appraisal inspection to move onto the next step of the refinancing process. 

Step 5: Processing your application 

After receiving all necessary documentation, we’ll contact you to complete the final stages of the refinance process. We’ll order a preliminary title report and coordinate with all involved parties to ensure a quick-and-easy refinance. After all documents have been confirmed, your loan file will be delivered to an underwriter for the final approval.  

Step 6: Your closing day 

Once the underwriter has approved your application, LendGen will contact you to schedule a loan document signing appointment. 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 completed the final step of the refinance process.