Home
 ResidentialRefinancing
Guide Closing
the Deal
The Application
Gershman Mortgage offers borrowers foureasy ways to apply—
on-line, by phone, by mail, or in person. Visit the application
checklist for a list of items needed during the application
process. Within three days of applying, you’ll receive
a Truth-in-Lending disclosure itemizing the costs associated
with the loan.
The Process
When you refinance, just as when you applied for your first
mortgage, Gershman Mortgage will run a credit check and verify
your employment.
You’ll also need to have your home appraised. If your
home appraises at a higher value than you paid for the house,
resulting in a greater than 80% loan-to-value ratio, you may
be able to eliminate your mortgage insurance, even if you
haven’t paid 80% of you original loan.
The Closing
At the closing, you’ll sign all the necessary paperwork
and pay any points and other fees associated with refinancing
(such as the cost of the appraisal). You may be eligible to
refinance at no cost. For more information, talk with a Gershman
Mortgage loan officer.
Some of the paperwork you’ll see during the closing
includes:
Truth In Lending Statement-
sent to the borrower within three days of the application
detailing the cost of the loan
Title- shows ownership
to the property; transferred at the closin
Proof of Insurance- documentation
from an insurer showing that the borrower has secured homeowner’s
insurance for a specific propert
Note- a legal document
that spells out the conditions of a loan and binds a borrower
to repay the loan
Mortgage- a document that
gives the lender a lien on a home as security for a loan
HUD-1 Statement- itemizes
all of the charges associated with the transaction, including
those paid by the seller as well as the buyer
The Rescission Period
When refinancing, you have three days after the closing to
rescind or cancel the loan. For cash-out refinances, the funds
will not be disbursed until the end of this three-day period.
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