The Refinance Application Process

First, you’ll be required to complete the refinance mortgage application, including information about yourself and the property. Depending on your lender, you may be able to complete your application over the phone, online or in person.

A lender is required by law to provide a loan estimate within 3 days of receiving a loan application. This document estimates the fees and closing costs for your loan such as appraisal and origination fee and title work. It also summarizes your loan terms and monthly payment.

After you receive and review your Loan Estimate, you’ll provide your consent to proceed, giving your lender permission to move forward with your application.

Your lender will also need documentation that verifies the information you supplied on your application. These documents typically include: signed disclosures, bank statements, pay stubs, proof of down payment, W-2s, tax returns and details of your employment.

If you send these documents via email, Citi recommends using SecureZIP to protect any sensitive data they might contain.

Before approving your refinance loan, your lender will order a home appraisal to get your property’s estimated market value. The appraised value is based on several factors, including: the number and size of the rooms, the property compared to homes that have recently sold in the area and amenities or characteristics that could affect the value.

Your lender will consider the appraised value when determining the refinance loan amount and terms.

After you submit your mortgage application, provide your consent to proceed and supply any requested documentation, your mortgage loan officer will forward your paperwork to a loan processor, who will prepare and review your loan. An underwriter will then review your completed application to make a final decision based on the lender's criteria.