home mortgage loan refinancing

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White paper by The Streisand Team at Sterling National Bank

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Page 1: Home Mortgage Loan Refinancing

Your Refinance

www.streisandteam.com

During the process of beginning a refinance on your home mortgage loan, it is important that the same criteria you used to select a qualified mortgage consultant for your home purchase also be applied to selecting a team of professionals to handle your refinance. A qualified mortgage consultant should keep in touch with you after the purchase of your home, to alert you if there is an opportunity to refinance.

Once you are ready to choose your mortgage program with the guidance of your mortgage consultant, yourconsultant will begin to collect necessary documentation in order to begin processing your loan.

During the processing of your refinance, the following documents will be handled by your mortgage consultant to ensure your loan transitions smoothly to the underwriting department of the bank.The processing phase of your refinance is very similar in its document requirements as the processing that goes on during the purchase of a home. You will have to submit tax returns and asset verification statements, and the following additional docu-ments will have to be obtained by your mortgage consultant to secure your loan:

Once your mortgage consultant completes the processing phase of your refinance, your loan will be sent to theunderwriting department, at which point they may require some conditions, but will at the same time issue you acommitment if you qualify. Upon receipt of the any additional documents required, your loan will then be cleared for closing. Your mortgage consultant will then contact you to schedule the closing of your loan.

Among the important factors to remember:• Do not let rate alone dictate your decision.

• Chose a team who will analyze all of your personal financial statements, credit history, and short and long term financial goals.

• Expect to receive a detailed qualification statement from your mortgage consultant, which should outline various mortgage programs best suited to your needs.

• Expect to receive a detailed analysis of any costs you may incur during the closing of your loan.

Appraisal – Your home will need to be appraised for its current market value.

Mortgage Tax Assignment ( for NY properties)– Your Mortgage Consultant willcoordinate the assignment for your existing mortgage to a new lender, thusavoiding the need to pay the mortgage recording tax again. This is handled directlyby your Mortgage Consultant, or in conjunction with your attorney, and is a veryimportant part of the refinancing process.

Title Insurance – A a new title will be ordered to ensure you are the sole ownerof your property.

The Streisand TeamSTERLING NATIONAL BANK

at

© 2012 The Streisand Team at Sterling National bank

Page 2: Home Mortgage Loan Refinancing

www.streisandteam.com

The Streisand TeamSTERLING NATIONAL BANK

at

About The AuthorLloyd J. Streisand is a CPA, Division Senior Vice President and Senior Loan Officer at Sterling National Bank, with 20 years experience in the mortgage industry. Based out of Great Neck, New York, Lloyd is also the senior member of The Streisand Team; a nationally-ranked mortgage origination team representing individuals seeking residential lending.

As employees of Sterling National Bank, The Streisand Team has the ability to not only place loans with a Sterling Nationl Bamk, but to also identify other lenders that may be able to meet a borrowers needs. This unique ability offers the strength of a bank, with the flexibility of a broker, and more importantly affords The Streisand Team the flexibility to secure the right loan for the borrower.

The Streisand Team was formed in 1992, and quickly evolved to its 5 current team members, including Manager and Vice President Jordana DelVecchio. With over 60 years combined experience, The Streisand Team has consist-ently ranked in the top 200 mortgage brokers for 19 consecutive years, with a repeat business rate of over 60%. The Streisand Team credits their success to their unique approach to lending, in which they consider themselves to be Mortgage Consultants.

The Streisand Team adopted the concept of Mortgage Consulting after noticing a significant opportunity to function as an advisor to advocate on behalf of their clients’ financing needs. As Mortgage Consultants, The Streisand Team offers services such as post-closing calls, annual mortgage review calls, and monitoring of all clients rates, in an effort to create an environment of mortgage practices that they believe should become industry standards.

The Streisand Team atSterling National Bank

98 Cuttermill RoadGreat Neck, NY 11021

[email protected]

Lloyd Streisand NMLS #673148

“For us, offering residential lending services meanstaking a complex process and making it simple.”– Lloyd J. Streisand

© 2012 The Streisand Team at Sterling National bank