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The Online Digital Mortgage: Refinancing

When you own a home one thing you’ll need to consider is if or when you may want to refinance. Refinancing is when you pay off your old mortgage and replace it with a new mortgage that has a lower interest rate, a lower monthly payment, or other favorable adjustments. When you refinance with Warp Speed Mortgage, you’ll move through the process at your own pace from the comfort of your desktop, laptop, phone, or tablet, utilizing our smart automation to help you achieve your financing goals.

The Online Digital Mortgage Refinancing Process

The refinancing process is similar to what you experienced when you purchased your home. You’ll work with a lender to complete a home loan application, provide the necessary financial documents, and have your credit pulled for review. Your home loan application will then go through the same milestones to be reviewed and approved. Once your new loan is approved, it will be used to pay off your existing home loan, replacing it as your new mortgage.

When you work with Warp Speed Mortgage to refinance, you’ll begin by choosing the rate and loan program from personalized options based on your financing goals.  Then you’ll complete the online mortgage application. The Warp Speed smart application will quickly review the information you provide, automatically clearing up conditions, creating new conditions, and requesting additional documentation if needed. Conditions can be items like financial documents or certain requirements that your lender will need to verify to ensure that you are qualified for a mortgage.

While you’re completing your application, you will be prompted to upload financial documents for Underwriting review. This can be done quickly and easily through your Warp Speed portal. Using asset verification technology, we will communicate directly with your financial institutions to securely verify assets and collect necessary documents. You may be asked to upload documents more than once depending on your application.

Once your documentation has been collected and your loan program and rates have been selected, your application is digitally sent to your Client Manager to do an initial review. Your Client Manager’s contact information can be found at any time within your Warp Speed portal. When they have determined enough information has been collected, they will send your loan to Underwriting to begin its journey towards loan approval.

After your loan completes the first round of Underwriting, it will move to the Processing stage where your Client Manager will review your loan file for a second time and request any additional documents. It’s important at this point that you address your Client Manager’s requests in a timely manner to ensure your loan moves forward as quickly as possible. Once the additional documents are received, your loan will then move to the final Underwriting stage to prepare to be approved.

After loan approval, documents are signed during your eClosing. The eClosing process is very similar to the traditional closing process, you’ll simply be signing some or all closing documents (depending on your type of eClosing) digitally instead of with paper and ink. You’ll choose how and where you eClose. Refinancing can be a great option for homeowners who are looking to adjust their mortgage terms. If you’re ready to begin the process to refinance, get started here!

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