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Applying for the Loan

Once you have chosen your loan, you are ready to apply. Prequalification is a good first step. If you choose to prequalify, you will be able to see in advance how much you qualify for and how much you can afford to pay in monthly payments.

Prequalify

Prequalifying is easy to do. You simply fill out a prequalification form giving information about yourself, your financial situation and any co-borrowers who will be on the loan with you. You may also be asked to provide information about the type of loan you want and the amount.

Contact one of our friendly loan representatives at a location near you to find out all the details of prequalifying for a Simmons Bank mortgage loan.

Information to have on hand for the prequalification process

You can save yourself time in the prequalification process by preparing some information.

  • Type of house
  • Price of the house
  • Employment history
  • Financial information (monthly income, current debits, assets, etc.)
  • Co-Applicant information

Fees involved in prequalifying

Some lenders may charge slight fees for prequalifying. Simmons Bank prequalifying fees range from $23.00 to $58.00. The fees cover the cost of credit reports and underwriting involved with prequalification. The fees are collected at the time of application. Contact your lender to find out what fees apply to you.

Applying for your loan

Applying for a refinance loan is similar to applying for a first mortgage loan. Once you have filled out and submitted a loan application, a mortgage representative will review your application. Your mortgage representative will make sure you have considered all your borrowing choices and that refinancing is right for you. Prequalifying will help make the refinancing process go faster.

Your interest rates are locked-in on the day the loan representative accepts your mortgage loan application. You may be asked to provide some financial documentation such as W2 forms, pay stubs, or bank statements.

Appraisal

A professional appraiser will need to complete an extensive appraisal or evaluation of your home and property. The appraiser will give an estimate of the market value of your home. Appraisal fees are a part of your closing costs, and depending on how recently you bought your home, you may not need an appraisal.

Closing

The final step in the refinancing process is to sign the final paperwork. Closing costs are to be paid when the loan papers are signed. Make sure you ask to review all of your settlement documents at least one day before you sign them. Consider asking your attorney to review them, as well.

A refinanced mortgage takes just as much effort to upkeep and maintain as a first mortgage. You will want to watch your loan very carefully.

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