7 Steps to SELFi

SELFi is a new way to refinance. Instead of hiring sales agents to persuade you to use our service, we give you the tools to make decisions regarding your refinance. This significantly decreases our cost per loan and we pass the savings to you.

The result? SELFi saves you an extra $53,629 over the life of the loan on your refinance.

Step 1:

Check your Rate. No Login Required.

To start, click View Rates or click here. To provide you with an accurate quote, all that is required is your basic mortgage criteria. No email or phone number is required.

Our algorithm matches your criteria with the wholesale lender offering the best pricing for each specific interest rate presented. Lenders fiercely compete for your loan by submitting us their wholesale interest rates in real-time. Wholesale rates are much lower than retail rates, which are the rates offered directly to consumers.

Step 2:

Select your Rate

Review your customized quote and choose the interest rate that best fits your goals by clicking Get Loan Estimate. Here’s a quick summary on how to best decide which interest rate to select:

  • Credits: Credits are dollars given back to you in the closing process which can be applied towards closing costs such as title fees. Take enough credits, and all closing costs can be covered.
  • Points: The flip side to taking credits, is paying points. Essentially, you are paying more in closing costs to get a lower rate.

Which is better for you? It depends on how long you anticipate having your mortgage. The longer you have the mortgage, the more beneficial it is to pay points for a lower interest rate. If you think you may sell or refinance again in the near future, then you are better off choosing a rate providing credits.

For more guidance on defining your goals, see our DIY Refi guide.

Step 3:

Apply Online. Quickly and Securely.

After clicking apply on your desired rate you will be directed to our online application. We have designed the application to be intuitive, fast and secure.

Step 4:

Review and E-sign Initial Disclosures

After you apply, you will receive an email with initial disclosures from the lender offering the lowest wholesale rate. These are disclosures such as the Loan Estimate. Disclosures are usually provided within 24 hours of applying and no later than 72 hours. If everything looks good, e-sign the initial disclosures to proceed with the application. 

Our DIY Refi Guide provides guidance on how to read your Loan Estimate.

Step 5:

Lock-in your Rate… or not.

Once you’ve e-signed initial disclosures and provided a credit card authorization for the appraisal, you will be able to request a rate lock. This gives you time to complete your refinance with peace of mind knowing that your interest rate and pricing is secured even if the market changes.

Even if you choose to lock, you can still change your rate at a later time. By choosing to lock, it means your are locking at today’s pricing.

Most of the time, we lock for 30 days.  If you have a second mortgage that is not being paid off, we may advise locking for 45 or 60 days to accommodate for the subordination.

Once you lock your rate, time is of the essence to close within your lock period and avoid a lock extension fee.

Step 6:

Upload the Documents Required for Underwriting

After you e-sign initial disclosures, the next step is to provide the loan documents for underwriting. You can upload the documents, email directly to your mortgage coach, or share via Google drive.

Appraisal: if an appraisal is required to complete your refinance you will be required to provide a credit card authorization to pay for the appraisal. 

The appraisal is the one cost required to be paid out-of-pocket prior to the loan closing. We will handle the ordering of the appraisal. One advantage with SELFi is that you can choose to have your application underwritten before paying for the appraisal.  This way you know where you stand prior to paying anything out-of-pocket. If you’re confident you will be approved, we can order your appraisal before underwriting to expedite the loan process.

Your home must in a habitable condition and up to code which requires smoke and carbon monoxide detectors installed.

Once your appraisal is received, your loan will be submitted back to underwriting for final review. If all documents have been received, the underwriter will clear your loan to close.

 

Step 7:

Sign Closing Documents

Well done! The hard part is over… wasn’t too bad, was it? 

Once all lender requirements are met your loan will be Cleared to Close. Closing is the process of signing the final loan documents with the notary. We will schedule the closing directly with you. The notary accommodates to your schedule and can meet at your preferred time and location.

After you sign the closing documents, the notary will send the final documents to the lender. After three business days, the lender will wire the funds to the escrow officer.  The escrow officer will then disburse your funds accordingly and record your mortgage with the county.  Your existing loan will be paid in-full and your new loan has taken its place. Congrats! Your SELFi refi is complete.

View our DIY Refi guide about what happens after your loan closes and “skipping” payments.

Ready to find your lowest rate?