the smart guide to refinancing

The Smart Guide to Refinancing

Talk to the experts.

This guide is brought to you by: RESIDENTIAL FINANCE CORPORATION

The Smart Guide to Refinancing is provided to you as a tool to clarify the loan process. Use this

easy-to-follow guidebook to write down your goals, understand your options and keep track

of your progress. When you choose Residential Finance Corporation for your refinancing, you

gain a team of mortgage professionals dedicated to finding the right mortgage loan with the

best rate and terms to meet your financial objectives.

We are here to guide you through the process.

Robbie Holtzman Assistant Sales Manager

NMLS# 343211 717.757.5322 Direct

877.793.2540 Fax [email protected]

www.residentialfinance.com

THE SMART GUIDE TO REFINANCING - RESIDENTIAL FINANCE CORPORATION

Introduction To Mortgage Refinancing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 4

Quick Guide To Refinancing Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 5

Facts About Refinancing You May Not Know . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Page 6

Frequently Asked Questions About Refinancing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 7

Customer Feedback: In Their Own Words . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 8

Benefits Example: Monthly Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 9

Resource: Debt Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 10

Resource: My New Loan Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 11

Resource: Documents Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 12

Resource: My Goals Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 13

Smart Chart: The Loan Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 14-15

Step 1: Applying for your loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 16

Step 2: Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 17

Step 3: Requesting An Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 18

Step 4: Review & Rate Lock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 19

Step 5: Underwriting Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0

Step 6: Quality Assurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 21

Step 7: Closing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 22

What Happens Next? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 23

Table of Contents


ABOUT Residential Finance

ABOUT YOUR PARTNER - RESIDENTIAL FINANCE CORPORATION

Residential Finance Corporation makes your transaction as firm as a handshake. You get the advantages of a big lender with the personal attention and sound advice of a personal banker. Our dedicated mortgage professionals offer guidance about the options that best suit your financial goals with a diverse range of loan options that include:

• FHA• VA• USDA• Conforming• Jumbo• Reversemortgages• Andmore

With customers in more than 37 states across the country. The team at Residential FinanceCorporationistherewhereyouneedus.Deliveringthehighestlevelofcustomerservice, we have the knowledge and expertise to guide you along the way . . . answer your questions promptly . . . get your loan approved at the most competitive rates and terms.


INTRODUCTION TO Mortgage Refinancing

Whether you took on a 15- or 30-year mortgage, with interest rates at all-time lows, you don’t have to keep your existing loan. Take a look at today’s loan rates and another look at your financial goals and discover how refinancing your existing mortgage saves you money.

Here are six reasons refinancing may be the perfect option for you:

Reduce your monthly payments. You work hard. With today’s lower interest rates, keep more of those hard-earned dollars in your pocket. Start saving money again..

Get extra cash for any reason. Take advantage of your home’s equity to access cash for home improvements such as a bathroom remodel or that garage you’ve been wanting.

Pay off your mortgage sooner than you expected. Shorten the term of your loan and get that mortgage paid off while building up your home equity.

Live a debt-free life. Whether you’re paying off credit cards, personal loans or other debt, they all have interest. The only debt that is tax deductible is your home mortgage. Therefore, consolidate your debt by rolling all of your monthly bills into one convenient payment and focus on getting your home paid off quicker.

Take advantage of a loan that fits your current situation. Perhaps your financial situation has improved since you obtained your current loan. Get into the right loan program that best meets your needs today.

Plan for life-changing events. Have a child who is applying for college or getting married? Refinancing can help you with the finances you need for life events – from braces for your kids to making room for a new baby!


LOANPRODUCT

EASY QUALIFICATION

LOANFLEXIBILITY

RATESECURITY

LOWER MONEY DOWN

QUICK GUIDE TO Refinancing Options

There are many different options when it comes to refinancing. The best way to determine which loan program works best for you is to talk with me about your goals. I’m here to help you understand your choices and make your financial transaction easier.

Here is a brief overview of the loan programs available to you:

Helpful Tip: DidyouknowthatmillionsofhomeownersqualifyforVA,FHAandUSDAprograms,butnotalllendersofferthem?Manytimestheseloansprovidebettertermsandconditionsthenwhatisofferedatyourlocalbank.Askmeaboutyouroptions.

30 YEAR FIXED

15 YEAR FIXED

FHA LOAN

VA LOAN

JUMBO LOAN

REVERSE LOAN

ADJUSTABLE RATE LOAN


7 FACTS ABOUT REFINANCING

You May Not Know

1) Lowering your interest rate isn’t the only way to save money. Even if you refinance at the same rate as your first mortgage, it’s possible for you to lower your

monthly payment. Let’s discuss how that can work in your favor.

2) You can get a mortgage customized to your needs. When you think about refinancing youprobably thinkabout a15-year or 30-year loan.However,

Residential Finance Corporation can customize a loan to match the years that are left on your existing loan.

3)Access a better interest rate by improving your debt-to-income ratio. If you pay down debt, even if it’s just months before you apply for a refinance, you

may qualify for a better interest rate & save more money over time.

4)There is a difference between a mortgage broker and a direct lender.Amortgage broker may represent several different lenders and serves as the liaison

between you and the lender. Working with a direct lender simplifies the loan process while eliminating some of the additional fees associated with a broker.

5)The lowest rate may not be the best option! Rate is only one component to consider. You should also look at the advantages of lowering your monthly

payments, cashing out, increasing your tax benefits or decreasing the term of your mortgage.

6)Some of the costs associated with refinancing are tax-deductible.Askyour financial advisor or tax professional for more details.

7)If you’re a veteran, you won’t need down payment money.UnlikeFHAloans, VA loans typically do not require a down payment or private mortgage

insurance(PMI).Theydorequireowneroccupancyandofcourse,VAeligibility.


7 FREQUENTLY ASKED QUESTIONS About Refinancing

If you have a question, feel free to pick up the phone and call me. I’m here to make sure you understand the process and clarify anyconcernsyoumayhave.However,herearesomeanswerstofrequentlyaskedquestionsthatyoumaybethinkingabout:

The time it takes between submitting your loan application to sitting at the closing table usually averages 2-3 weeks.

How long does it take for you to process my loan request?

Guidelines vary from one loan to another, but to qualify you must have equity in your home, have a stable income and meet the minimum credit requirements.

What do I need to qualify for a refinance?

The total cost for refinancing your first mortgage depends on your interest rate, the number of points and other costs required to obtain the loan. I’ll review this with you when we go over your financial goals so you’ll have a clear idea of what to expect.

What will it cost to refinance my loan?

I’ll sit down with you and review your financial goals and objectives. Then, we’ll “crunch the numbers” to see which option best suits your needs and comfortably works within your budget.

How do I decide if a 15-year mortgage is better for me than a 30-year?

In some cases, ARMs have lower interest rates. According to the chief economist for the Mortgage Bankers Association of America, the average life of a mortgage is just 3-5 years. Yet, 83% of borrowers get loans that guarantee a fixed rate for 15 years or more. Let’s talk about your plans and assess whether or not an ARM is right for you.

Why should I consider an adjustable rate mortgage (ARM)?

An appraiser looks at your home and compares it to other homes that have sold in your area recently. Factors that are taken into consideration include the structure of your home, its location and proximity to neighborhood amenities, and its overall appeal inside and out.

How does an appraiser determine what my home is worth?

From personal to financial information, you’ll need to gather several documents before getting started. It’s best to have the necessary paperwork gathered together before you sit down to meet with me. This way, everything you need will be in front of you and easy to access. There’s a handy document checklist on Page 12 to help you along the way.

I’m ready to apply. What should I expect?


CUSTOMER FEEDBACKIn Their Own Words

"The benefit that Residential Finance Corp was able to Provide to our family when we needed it was exceptional."

CASSIDY M., GREELEY, CO

"I want to take the opportunity to say thank you very much for the prompt, personalized and special attention provided to me during my refinancing."

MARTIN M., HUNTSVILLE, AL

"I recommend Residential Finance Corporation because they kept their promise and treated me with respect."

MICHAEL G., LONG BEACH, CA

"Residential Finance Corporation is truly an American company who cares about their product, employees, and customers."

MATT H., PAYSON, AZ


BENEFITS EXAMPLEMonthly Savings

HOW DOES REFINANCING SAVE ME MONEY?

Whether you’re changing the terms of your existing loan or lowering your interest rate, refi-nancing can save you hundreds of dollars a month – that’s thousands of dollars per year.

Take a look at the example below and discover what a difference refinancing can make to your financial future.

DEBT TYPE

Mortgage

Car Loan

Credit Card

Credit Card

Credit Card

TotalMonthlyDebt

MonthlySavings

AnnualSavings

CURRENT

$1,265.00

$488.00

$159.00

$128.00

$95.00

$2,135.00

0

0

REFINANCED

$1,525.00

$0

$0

$0

$0

1,525.00

$610.00

$7,320.00Sampleinformationonly.

Helpful Tip: Everycentcounts!Didyouknowthatbypayingaslittleasanextra$90permonthona$200,000loan(at4.5%),youcanreduceyourtermby4.5+years(that’s25.49yearsinsteadof30)?


RESOURCE Debt Worksheet

_____________

_____________

_____________

_____________

_____________

_____________

_____________

_____________

TOTAL:

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

No

No

No

No

No

No

No

Creditor Total Owed Monthly Payment Pay Off

Sample Card 2563.00 152.00 X

ORGANIZE YOUR DEBT

Hereisahelpfulworksheetdesignedtoassistyouinoutliningyourcurrentdebt(s)andwhatyou’dliketopayoff.Haveaquestion?Don’thesitatetocallmeandwecanreviewthistogether.


RESOURCE My New Loan Worksheet

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

$_________

Option 1:

Option 2:

Option 3:

_________

_________

_________

$ ________

$ ________

$ ________

Debt Current New

WHICH OPTION IS BEST FOR ME?

Here’sasimpleworksheetwecanreviewtogether.Fillintheblanksbelow.Then,onceyouseehowmuchyou’llsave with each option, you’ll be better equipped to select the loan program that’s best suited for you.


RESOURCE Documents Worksheet

ORGANIZE YOUR DOCUMENTATION

There are a variety of documents – personal & financial – that you’ll need to compile. To help you prepare and ensure that the process flows smoothly, here’s a check list of the items you’ll need:

W2s: For each job you’ve held over the last 2 years

1099s: For the last 2 years (Social Security, pension, etc.)

Personal and Business Tax Returns: For the last 2 years (All pages & schedules. Be sure to sign page 2 of the form 1040.)

Award Letter: Most recent (Social security, pension, etc.)

Pay Stubs: For the last 30 days

Bank Statements: For the last 2 months (all pages)

Brokerage Statements: Most recent (All Pages)

Drivers License: An enlarged copy for borrower and co-borrower

Mortgage Statements: For all loans

Declarations page of your homeowner’s insurance

________________________________

________________________________

________________________________

________________________________

________________________________

________________________________

________________________________

KEY DOCUMENTS:(Required for every application)

ADDITIONAL DOCUMENTS:(Required for Some Situations Only)


RESOURCE My Goals Worksheet

WHAT AM I DREAMING ABOUT?

Onceyou’verefinancedyourloan,you’llbesavingmoney.So,whatwouldyouliketodowiththosesavings?Areyoureadytotakethatlong-awaitedvacation...remodelyourkitchen...sendyourkidstocollege?Writedownyourgoalsbelow.

____________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________________________________

Home Travel

Automobile

Education


SMART CHARTThe Loan Process

Disclosure

Disclose everything at the beginning.Being up front from the start ensures that your loan gets processed quickly and as smoothly as possible.

2

Application

You can do this over the phone, online or in person with me. I’ll ask questions that help me pre-qualify you and determine how much you may borrow.

1

Appraisal

A professional appraiser will visit your home,compare it to other sales in your area and determine its market value.

3

Refinancing your home

doesn’t have to be

stressful and confusing.

To help you understand

the process and feel

comfortable with the

decision you make, here’s

a list of the 7 steps to

make your experience

hassle-free:

7 EASY STEPS Start to Finish

This step can be done in as little as _____ day(s).

Every loan is different. Your Loan Officer can help you fill in your expected time line.


Underwriting

An underwriter is the person responsible forcomparing your documents with the guidelines of the loan you’re applying for and determining that all conditions are being met favorably.

5

Review & Rate Lock

Allyourdocumentsshouldbesubmittedby now so when the appraisal comes in we can review everything, lock in your loan rate and submit a complete package to the underwriter.

4

Closing

Once the paperwork is complete and your loan is approved, I’ll communicate with the closing agent to ensure the documents are recorded and funds are disbursed properly.

7

Quality Assurance

Afterreviewingyourloanpackage,theunderwritermay ask for additional or updated documents such aspaystubsorre-verificationofemployment.

6

SMART CHARTThe Loan Process


Step 1Applying for your loanYou can do this over the phone, online or in person withme.First,we’llreviewyourfinancialgoalsandobjectives. Then, to help pre-qualify you, I’ll ask for information about employment, earnings, savings, etc. You’ll be asked to provide documentation such asW-2s,recentpaystubs,incometaxreturns.And,I’ll check your credit report.All your information iskeptconfidential.

I’ll use this information to see if you qualify for a mortgage and determine which loan options best suityourfinancialobjectives.

Be sure your paperwork is correct, complete and legible.Missingor incorrect informationmaydelaythe loan process.

I started this step on: ________________

I completed this step on: _____________


Your Tasks:

Apply: Give us a clear picture of all financial goals you

would like accomplished.

Get Prepared: W-2's, pay stubs, phone numbers for your

human resources, contact info for insurance agent, your prop-

erty tax bill. More information is always better than less.

Questions: Ask any and all questions you would like an-

swered, if we don't know the answer right away we will find it.

Our Tasks:

Listen: We want to know all about your goals and

objectives and how it will change your life for the better once

accomplished.

The Details: We must take time to cover your full

application and ensure we have the most up to date and

accurate information for your situation

Review Credit: We will be taking a look at your credit

and covering it with you. Let's take time to review it to ensure

the credit bureau has accurate info.

Timeline: During this step we will go over all the steps in

this process and estimating exactly when it will be complete.

Don’t open or close any new credit accounts in the months prior to applying for your refinance, this can effect your credit rating.

Do tell me, or ask me, about anything that may affect your loan.

Do's and Don'ts


Your Tasks:

Phone Appointment: Ask any questions you may have.

We want you to have a clear understanding of all the paper-

work your signing so let's cover everything.

Return Documents: The documents we covered in step

one should be returned with your loan application papers.

Appraisal: Let us know of a good time and day for the

inspection of your property.

Our Tasks:

Be Available: Our most important duty in this step is to

be ready and available to cover all paperwork with you and

provide answers to any questions you may have.

Setup Appraisal: Our mortgage team will be

coordinating with the appraisal company to set up your

appraisal inspection.

Double Check: Once your income documents are

received we will be reviewing and updating all information

to ensure your application is approvable.

Timeline: We will go into more detail on the full process,

timelines and what we need from you.

Step 2Disclosure (Signing)Discloseeverythingatthebeginning.Beingupfrontfrom the start ensures that your loan gets processed quickly and as smoothly as possible.

You’ll receive a Truth-in-Lending Disclosure state-ment that outlines the total cost of your loan. This is an opportunity for you to ask questions to ensure you understand how much you’re going to pay for the loan program you wish to obtain.

The initial paperwork isnot thefinalizationof yourloan. It is used for compliance purposes as required by the government. If anything on the application is incorrect such as the year your home was built or work phone number, just let us know and we will get itfixedpriortothefinalclosing.




Don’t spendtheMoneyintheBank-Manymortgagesare approved on the condition of having a certain amount of "reserves" after closing.

Don't take on new debt - This can be tempting as your new loan will be giving you tremendous financial benefits, just wait till it's closed and funded.

Don’t change jobs - Try not to make a career change till after the loan has closed if possible.

Do's and Don'ts


Step 3Requesting An AppraisalResidential Finance Corporation retains the services of a professional appraiser. The appraiser is hired to visit your home and determine its value (known as thefairmarketvalue).

This figure is calculated by reviewing such factors as:

•Howyourhomecomparestootherlocalhomesales.

•The condition of your home – inside and out.

•The size of your home.

•The location of your home.

•Your home’s proximity to neighborhood amenities.




Don’t renovate- if you're planning to fix up a room or remodel the bathroom be sure to wait till the loan is complete to do so. This can effect your qualification.

Doprovideyourpastappraisal-Haveacopyofyourlastappraisal?Ifso,thismayassistwithyourinspection.Provide a copy to your appraiser.

Do's and Don'ts

Your Tasks:

Be Ready: The appraisal will be around 45 minutes to

an hour. Please make sure you have set enough time in your

schedule for the appraiser to do their full analysis.

Speak Up: Let the appraiser know of any new additions

or upgrades you've made since your last inspection. If you

know of any recent or pending sales in the neighborhood be

sure to mention it to the appraiser.

Our Tasks:

Finishing Touches: We will be communicating with

your tax assessor, insurance company and the credit bureaus

to fine tune your application and prepare it for processing.

Follow Up: The appraisal management company and

the loan officer will be discussing the expected timeline to

receive your appraisal back. (Typically 3-4 days in most areas)

Branch Manager: The Branch Manager will be much

more involved in reviewing the application for any additional

items that may be needed.

Wait: There is a down period in the process as we await

the final estimate, but we are prepped and ready to move

forward once we get it back.


Step 4Review & Rate LockAll your documents should be submitted by nowso, once the appraisal comes in, we can review everything, lock in your loan rate and submit a complete package to the underwriter.




Don’t panic- even if the appraisal comes in less then your estimate we have many programs that may still be able to help you out.

Do relax - You've done your part, allow us to take over from here and complete the loan process.

Do's and Don'ts

Your Tasks:

Lock: Locking can be completed at any stage after

application but If you have chosen to wait at this point we must

firmly lock in the rate at this time.

Discussion & Finalization: Now that the appraisal is

complete we want to finalize any additional wants or needs

that you would like accomplished.

Choose: Do a final review of all options and make the most

advisable financial decision with my help.

Our Tasks:

Be Available: We want to know all your questions,

concerns, anything else we should be aware of.

Forward Process: We do our best to outline the

finalization of the processing of your file and give full

transparency on how a mortgage application is completed.

Review Credit: We will be taking a look at your credit

and covering it with you. Let's take time to review it to ensure

the credit bureau has accurate info.

Copy of the Appraisal : During this time we will send

you a copy of your appraisal report for your records and

review.


Step 5Underwriting ConditionsAn underwriter is the person responsible forcomparing your documents with the guidelines of the loanyou’reapplyingfor.He/shedetermineswhetheror not you’re meeting all the conditions favorably.

After the loan processor has compiled all yourpaperwork, it is handed over to the underwriter. It’s the underwriter’s job to double check the processor’s workandcompareyourfiletotheguidelinesoftheloan program to ensure that everything is in order.

If some cases, the underwriter may approve your loan, but make it conditional upon you meeting additional criteria.




Your Tasks:

Be Patient: During this step both the loan originator and

the borrower are eagerly awaiting the underwriting decision.

It does take some time, but as long as the underwriter has all

the information they need, it will go smoothly.

Make any and all payments: It's common for borrower's

to think it's ok to stop making payments while in the final

stages of the process.

Our Tasks:

Working with the Processor: We will meet with

processor at time of underwriting submission to get

guidance as to what my needed moving forward.

Title Work: At this point we will be obtaining a copy of

your title report, we will review and ensure that is accurate.

Mortgage Payoffs & Credit Bureau Updates: We will

be obtaining a payoff statement on your mortgage and also

work with the credit bureau's to ensure your credit report is

fully updated and accurate.

Income Verification: At this time our processing staff

will be reaching out to your employer, C.P.A., or government

to verify your employment and income.

Don’t stop making your payments. Continue to make your mortgage payments until told otherwise.

Docontinuetocollectpertinentinformation.Mostrecentpay stubs may be needed, so keep updated information at the ready.

Do's and Don'ts


Step 6Quality AssuranceUpdatingDocuments, if needed. If, after reviewingyour loan package, the underwriter asks for updated documents you’ll need to submit them at this time.

For instance, you may be asked to provide additional paystubsorre-verificationofemployment.We’llgoover the conditions so you know exactly what is expected of you.




Your Tasks:

Final Disclosure: At this point there will be a final set of

loan disclosures for your review and signatures, we will need

these items returned for compliance purposes.

Prepare for Settlement: We typically close the loan at

your home but we have alternative options available. Just let

us know when and where to be.

Our Tasks:

Double-check the final documents: We will review all

the final documents for thorough accuracy and review with

you.

Communicate to closing dept. & title company: We

will ensure that the notary for your closing is prepared and

prompt to your final closing.

Await the final "Clear to Close": You've now passed

underwriting with flying colors, we are simply awaiting

verification that all documents are compliant.

Scheduling the closing: Once we have the "Clear to

Close", we will call you and celebrate the great news. We now

will verify the best time and location for settlement.

Don’t incur more debt, yet! Please remember to hold offonthatnewcar,boatorcreditcard.Anynewdebtscould result in additional delays to the loan process.

Do ask questions. We are available to go over everything in detail and answer any and all questions you may have.

Do's and Don'ts


Step 7ClosingThe conditions of the loan have been met. Your loan is approved by the underwriter and it proceeds to the closing table.

You’ll be asked to sign closing documents, which maybedoneatyourhome,ouroffice,oratalocationchosen by a notary or attorney in your area.

Once complete, I’ll communicate with the closing agent to ensure your documents are recorded and funds are disbursed properly. Approximately fourdaysafter the loan funds,you’ll receiveacheck(s)via overnight mail carrier.




Your Tasks:

Settlement: We will send a notary to your location and

obtain final official signatures on your loan paperwork. Simply

provide a copy of your driver's license to the notary, sign the

final documents and the process is done.

Performance Review: After your loan has closed, you

will receive a survey in the mail. Feedback is essential to us

becoming the best bank possible and we really care what you

think. Please take a few minutes to let us know how we did.

Our Tasks:

Funding Questions: On a purchase transaction, your

loan will fund the same day as signing. On a refinance

funding is typically 4 business days after settlement due to

federal compliance.

Closing questions: If you're at settlement or just

finished up signing, we are ready and available to answer and

questions you may have.

Copies of any documents: If you submitted any

original documents, rest assured we will return these

documents to you now that the loan is complete.

Do celebrate! Your loan is now closed, it's time to celebrate and enjoy the benefits of your refinance.

Do refer me to friends and family. Our business is built on providing high quality service and satisfaction. If we did an excellent job for you, we would be happy to assist any friends or family that may benefit from our loan products.

Do's and Don'ts


MY LOAN IS CLOSEDWhat Happens Next?

YOUR LOAN HAS CLOSED, BUT WE ARE STILL HERE FOR YOU...

We want to be your banker now and in the future. If you want a new analysis down the road in six months, one year, or five years from now we will be here and ready to assist in every way possible. You will receive a letter from our CustomerServiceManagerinafewdays,itwillcoverfrequentlyaskedquestionsalongwithspecificsonyourpay-ment amount and where to send your new mortgage payments.

Helpful Tip: Keep this letter in a safe and accessible place, it will be a great referencetoolandalsohascontactinformationforourCustomerServiceManager.Shewould be happy to answer any concerns you may have.

“How can I obtain a copy of my appraisal?”

Mail a request including your name, property address, and loan number, to:

Residential Finance Corporation, ATTN: Customer Service401 N Front Street, Suite 300 Columbus, Ohio 43215

When should I expect to receive the refund of the balance left in my previous mortgage escrow account?

For information about your previous escrow account, contact your previous lender.

FREQUENTLY ASKED QUESTIONS...

“Where do I send my first mortgage payment?”

Unless the temporary Mortgage Coupons included in your loan closing package state otherwise, your first mortgage payment should be sent to:

Residential Finance Corporation, ATTN: Payment Processing401 N Front Street, Suite 300 Columbus, OH 43215

“What happens to the escrow account? And, who pays my taxes and insurance?”

If your new mortgage includes homeowners insurance and property taxes, your escrow will be transferred to your new loan servicer and they will handle pay-ment of your taxes and insurance.

“Will my loan terms change?”

no. transfer of loan servicing does not affect the terms of the note you signed at closing.

“WHEN IS My PAyMENT dUE?” Your first mortgage payment of $[VAR] is due on [VAR ].“WHAT IS My PAyMENT?” Your monthly mortgage payment is $[VAR].

“Who is my loan servicer?”

At Residential Finance Corporation we originate, underwrite, and fund our own loans, however, we are not a loan servicer. We work with the nation’s leading loan servicers. Yours will be in touch within 30 to 45 days of your loan closing. once they are in contact with you, you will be able to set up automatic bill pay or discuss other types of loan payment arrangements.

HELPFUL TIP!

Call your insurance agent and provide them your updated mortgage information.

HELPFUL TIP!

Contact your previous lender to can-cel future payment transactions, if your prior mortgage had automated payment arrangement

HELPFUL TIP!

provide a copy of your the HUd-1 or Settlement Statement from your loan closing package to your accountant when you file personal tax returns.

[First Name] [Last Name] and [Co-Borrower First Name] [Co-Borrower Last Name]

Welcome to the Residential Finance coRpoRation Family!

Congratulations on your new home loan!You may have some questions about what happens next, whom to contact, and more.

You’re not alone! We’ve designed this handy Frequently Asked Questions guide with an-

swers to many common questions, including:Where do I make my first payment?

•

How can I obtain a copy of my appraisal?

•

And, more.•

We’re honored you chose to work with us on your new home loan. If you have any ques-

tions, contact me directly at any time – by phone, email, mail or fax. I’m here for you!

PS: Soon, you will receive a Customer Satisfaction Survey in the mail and, possibly, via email.

When you receive it, please take a moment to respond – we truly value your feedback!

Sincerely,

Joanna MacKenzie RossCustomer Service Manager

Welcome!

ReSIdentIAl FInAnCe CoRpoRAtIon

401 n Front Street, Suite 300Columbus, ohio 43215 614-827-1347 direct877-251-2874 direct toll Free

[email protected] RFC: 401 N Front St Columbus, OH 43215. Borrower is subject to underwriting guidelines. Corp NMLS, #1652; http://www.nmlsconsumeraccess.org; VA, Lender ID#2595540000; AL, Mortgage Broker MB 21025; AR, Mortgage Banker #101062;

AZ, Mortgage Banker BK-0905843; CA, Finance Lenders Law License No. 6039726; CO, Mortgage Broker License No. 100029775 Check license status of your loan originator at www.dora.state.co.us/real-estate/index.htm; CT, Correspondent

Mortgage Lender No. 12900; DE, Chp 22 Licensed Lender No. 011831; DC, District of Columbia Mortgage Dual Authority License #NMLS1652; FL, Mortgage Lender MLD167; GA, Mortgage Lender Licensee No. 19399; HI, Mortgage Loan

Originator CO. License HI-1652; IL, Residential Mortgage Licensee No. MB 0005562; IN, DFI First Lien Lending License #16242; LA, Residential Mortgage Lending License #1652; MD, Mortgage Lender No. 11143; MA, Mortgage Lender

ML1652; MI, 1st & 2nd Mortgage Broker & Lender FL4201 & SR 0010569; MN, Residential Mortgage Originator No. MN-MO-02049502; MS, Mortgage Lender #4434/2009 Licensed by the MS Dept of Banking & Consumer Finance; NJ, Licensed

by the N.J. Dept. of Banking & Insurance, NJ Correspondent Mortgage Banker & Secondary Mortgage Loan Licensee No 9945825; NM, Mortgage Loan Company No. 03691; NY, Licensed Mortgage Banker-NYS Banking Dept. B500784; NC,

Mortgage Lender License No. L-139845; OH, Mortgage Broker Act Cert of Reg MB.802662.000; OR, Mortgage Lending License ML-5063; PA, Licensed by the PA Dept. of Banking PA Mortgage Lender License No. 22135; SC, Mortgage Loan

Broker MB-0508408; TN, Mortgage License No. 4093; TX, SML Mortgage Banker Registration No. 45235, Two Galleria Tower at 13455 Noel Rd, Ste. 1000, Dallas TX 75240; VA, Licensed by the VA State Corporation Commission MC 3003;

WA, Consumer Loan Company CL-1652 WA Master Business License #602403652; WI, Mortgage Banker No. 21906BA


IMPORTANTPhone Numbers

PROCESSOR:

TITLE COMPANY:

CLOSING AGENT:

HOUSE INSPECTOR:

OTHER:

OTHER:

OTHER:

OTHER:

OTHER:

OTHER:

OTHER:

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USE THIS WORKSHEET FOR QUICK REFERENCE:

Have more questions?Not to worry. We are here to help.

RESIDENTIAL FINANCE CORPORATION

CALL ME TODAY!

Brought to you by RESIDENTIAL FINANCE CORPORATION

Residential Finance Corp (RFC) 401 N Front St Columbus OH 43215. Not affiliated with Residential Funding Corp. Conducts business as RFC Mortgage i/l/t/n Residential Finance Corporation in NY. Not an offer of credit or commitment to make a loan; not available in all areas; subject to underwriting guidelines. NMLS #1652; VA Lender ID #2595540000; AK #AK1652; AL #21483; AR #101062; AZ #BK-0905843; CA Finance Lenders Law License #6039726; CO Mortgage Broker License #100029775 Check license status at www.dora.state.co.us/real-estate/index.htm; CT #12900; DE Chp 22 Licensed Lender #011831; DC #NMLS1652; FL #MLD167; GA #19399; HI

#HI-1652; IL #MB 0005562; IN DFI #16242; KY #MC82945; LA #1652; MD #11143; MA Mortgage Lender #ML1652; MI 1st & 2nd FL4201 & SR 0010569; MN #MN-MO-02049502; MS #4434/2009 Licensed by the MS Dept of Banking & Consumer Finance; NJ Licensed by NJ Dept of Banking & Insurance NJ Correspondent Mortgage Banker & Secondary Mortgage Loan Licensee #9945825; NM #03691; NY Licensed Mortgage Banker-NYS Banking Dept #B500784; NC #L-139845; OH #MB802662.000; OR #ML-5063; PA Licensed by the PA Dept of Banking PA Mortgage Lender License #22135; SC#MB-0508408; TN #4093; TX SML #45235 (2 Galleria Tower 13455 Noel Rd Ste 1000 Dallas TX 75240); VA Licensed by VA State Corp Commission MC 3003; UT DRE Mtg Entity #8404312, WA Consumer Loan Company CL-1652 WA Master Business License #602403652; WI #21906BA.

717.757.5322 Direct

3413 R Concord Road York, PA 17402