Refinance

At All American Home Lending we have decades of combined mortgage-lending experience. We can help you refinance as a means of achieving your financial goals. We can help you reduce your term, lower your interest rate, consolidate debt or cash out equity for other purposes:

Application

Now that you have estimated how much you want to spend and, hopefully, given some thought as to where you want to live, the next step is the application and pre-approval process. It is at this point that you will need to provide to us documentation that supports your income, employment and asset information that was provided earlier. While this may seem arduous, it is really quite straight-forward. Here is what you will typically need:

• Your most recent paystubs covering a 30 day period with year-to-date information.
• Your last two years federal tax returns with form W-2, (if applicable).
• Your last two months bank statements, (all pages, all accounts if multiple).
• Your most recent stock, mutual funds and retirement account statements, (if applicable—all pages).
• Miscellaneous documentation that may apply, such as resident alien cards, visas, divorce decrees, social security award letters, etc.
• Your home owners’ insurance agent’s name and phone number.
  

At All American Home Lending, we really focus on simplifying the underwriting process, if we do not require all of the afore mentioned documents, we will let you know in advance.

At this point we will have enough information to issue you your pre-approval which you will be able to confidently present to the seller of the home you want to buy!

Underwriting

Underwriting is often thought to be complicated and, to some, intimidating; it has to be neither if steps one through three have been executed properly. Basically, underwriters consider three things: Collateral, Capacity and Credit.

• Collateral is the fair market value of your home as determined by an independent appraiser. There are programs that allow for up to 95% in a cash-out refinance, and 97% regular (rate/term change) refinance.
  
  
• Capacity is the ratio of your debts to income, otherwise known as DTI. Certain loan programs have different DTI requirements, at All American Home Lending we are expert at determining which loan program is the best fit for you.
  
  
• Credit or credit score is your history of repaying debts in a timely manner. Generally, the higher your credit score, the better! At All American Home Lending we will obtain your credit information in a format that is underwrite able. Any independent credit report that you may obtain, while useful for your personal information, is useless when it comes to underwriting your new home mortgage. As with DTI, certain loan programs have different credit score requirements. Along with credit, underwriters will often consider the amount of “reserves” that you possess; this can be money in the bank, retirement accounts and/or miscellaneous investments like stocks, bonds or mutual funds.

Once the underwriter has determined that the collateral, capacity and credit requirements have been satisfied, a “Clear-to-Close” will be issued and we will begin preparation to close on your new home!

Preparing for closing

By now, everything necessary for closing has been taken care of; Title Services, Closing Agent, Closing Location, Closing Date, Etc. There are a few details that will still require attention however, these are:

• Closing Time.
• Home Owners Insurance.
• Amount of funds to close (if applicable).

Closing Day

Not much to do at this point except to show up, sign some documents and get the keys to your new! Oh sure, there will be closing agents, real estate agents and possibly even an attorney or two but your mortgage professional from All American Home Lending will be there to ensure that everything goes smoothly. Congratulations!