You’ll work primarily with your lender throughout the refinance process. In turn, your lender will work with a larger team who are also involved in your transaction. It’s likely you won’t meet all of these people, but it’s important to know what role they play.
- Loan officers or lenders evaluate your credit, financial, and employment information to see if you qualify for a refinance. Once they complete their evaluation they provide you with financing options. They also help you complete your mortgage application and keep track of its status during the loan approval process.
- Loan processors prepare your mortgage loan information and application for presentation to the mortgage underwriter. They make sure you've included all proper documentation, all numbers are calculated correctly, and everything is in order to ensure a timely decision on your approval.
- Mortgage underwriters assess your eligibility for the loan based on your credit history, employment history, assets, debts, and other factors.
- Real estate appraisers evaluate your home and property to determine how much it’s worth.
- Closing representatives oversee and coordinate the closing or "settlement" of your loan, record the closing documents, and pay the money to the appropriate individuals and organizations.
All of these people play different, but important roles in your refinance. Lean on them, ask questions, and remember that they are working for you.