The Refinance Process

Step 1: What are your goals 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 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 take at look at the various loan programs available to decide which loan option helps you achieve those goals.

Step 2: Inquire online or call one of our licensed Mortgage Originators

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

Step 3: Select your mortgage program

If you decide you'd like to move forward with the refinance, your Mortgage Originator will confirm your mortgage program, rate, and payment and will answer any questions you may have. At this point, you can lock in your interest rate to protect you against any fluctuations in the market.

Step 4: Submit your documents

Your licensed Mortgage Originator will provide you a list of items for you to send us so that we can verify all your information to get your mortgage approved and closed quickly. We will also send you some preliminary disclosures such as the Loan Estimate (LE) to review and sign which detail the terms of your rate and mortgage. In a few days, we will contact you to schedule the appraisal inspection. It is important to schedule the appraisal appointment as quickly as possible to prevent any delays in your closing.

Step 5: Processing

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

Step 6: Close your mortgage

Upon approval, we will contact you to schedule a loan document signing appointment.This appointment will generally take 30 minutes to an hour and can be done at the convenience of your home or at an approved settlement location (usually an Attorney office).


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Elmira Savings Bank is an approved Seller/Servicer of Freddie Mac, FHA/Department of Housing & Urban Development, VA, USDA, and SONYMA (NY Only). Elmira Savings Bank is an Equal Housing Lender committed to ensuring every applicant for credit receive fair and equal treatment throughout the credit application and approval process, as embodied in the Equal Credit Opportunity Act and the Fair Housing Act. All mortgage lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

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