HOME REFINANCE STEPS:

1. Make Loan Application (apply on web, in person or via phone)

2. Credit report will be run on your social security number

3. Rates and fees discussed with Kim before locking the rate/terms

4. Once the Rate is locked, Kim will send you compliance forms typically via email (under a security code). These documents should be returned in 24 hours signed on the date locked for compliance.

5. Kim will order appraisal. RMG staff does not have ANY communication with appraisers regarding values! Please respond to appraiser’s request of time and date as best possible. Their schedules are difficult to manage and they must inspect during the daylight hours.

6. Kim and Staff will order the title work. Title Company will start title work and a “Site Inspection” is completed by the title company or their outside service. We do not have advanced notice of the inspection and often you will not even realize they have been out unless they knock on your door to advise you they are going to be on your property.

7. Once appraisal is delivered, Sandy Gunderson (my Processor) will forward an email with the appraisal attached and a form called the HVCC form. The HVCC form is receipt that you have been given a copy of the appraisal. This form must be signed well in advance of closing and no less than 3-4 days before. Please return it to Sandy at sandy@rmgmn.com or fax 952-847-1313.

8. The following items are necessary to process the loan: the name and phone number of your insurance agent, past 30 days updated paystubs, past two months’ bank statements (all pages, please), past two years’ W2’s, and past two years’ federal tax returns. RMG will also comply with Federal and Investor regulations such as checking to make sure your home is not in a flood zone (should you be in a flood zone flood insurance would be required) most often people are aware if they are in a flood zone.

9. The title company will prepare the final numbers for closing and obtain the payoff from your current mortgage company. Once they have our closing package (typically after loan approval is completed), they will forward a closing statement to RMG. This statement is called a “Hud-1 settlement statement”

10. If you are required to bring more than $1000 to closing you will need a cashier’s check payable to yourself for closing. Kim will call you prior to closing with exact amount.