The Refinance Process

Step 1: Determine what you want to accomplish by refinancing your mortgage.

One of the most important steps before deciding whether or not refinancing can benefit you is to determine what your objectives are. Is your goal to reduce your monthly payment or to pull cash out of your equity for home improvements or debt consolidation? Are you looking to fix your adjustable rate? Once you determine your goals, you can look at the various loan programs available to decide which loan option best helps you achieve those goals.

Step 2: Inquire online or call one of our experienced Mortgage Lenders.

Once you've defined your goals and researched all the loan options available, you can submit your contact information online or pick up the phone to speak with one of our mortgage experts. Your Loan Officer will answer any questions you have about the loan program you're considering and can make a recommendation for you given your individual goals. We'll make sure that you understand every detail of your loan program and answer any questions you have before moving forward.

Step 3: Select your loan program.

If you decide you'd like to move forward with the refinance, your Loan Officer will confirm your loan program, rate, and payment and will answer any questions you may have.

Step 4: Submit your documents.

Your Loan Officer will provide a list of items for you to submit so we can verify all your information - to get your loan approved and closed quickly. We will also send you some preliminary disclosures to review and sign which detail the terms of your rate and loan.

Step 5: Process your loan.

After we receive all your documents, a Loan Processor will contact you to go over the next steps (which include ordering the preliminary title report) and coordinate with all the necessary parties to ensure your loan progresses smoothly and quickly. Once we have everything we need, your loan file will be submitted to the underwriter for review and formal approval.

Step 6: Close your loan.

When your loan is approved, we will contact you to schedule your loan document signing appointment (closing). This appointment will generally take 30 minutes to an hour and will be done at an approved settlement location.

© 2023 American Bank, N.A. All Rights Reserved.
Contact Us| Website Privacy & Security| NMLS # 469472
McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams