Whats In Your To Do Checklist For Your Refinance Home Mortgage Loan

Whats In Your To Do Checklist For Your Refinance Home Mortgage Loan



What’s in​ Your To-do Checklist For Your Refinance Home Mortgage Loan?
Would-be borrowers are always bogged down by the​ requirements that would expedite their loan process .​
It is​ practical and convenient to​ be prepared before you​ march into a​ creditor’s office .​
Read on​ and find out if​ you​ have what it​ takes to​ get a​ loan.
First things first
Your property information
If are using your home as​ equity for a​ refinance home mortgage loan,​ be ready with documents proving your ownership .​
Lenders will ask for this evidence before taking any further step in​ the​ loan process .​
Give them a​ certified true copy of​ the​ contract or​ the​ purchase agreement .​

Your income and assets
Lenders always want to​ know if​ the​ borrower is​ a​ good risk for a​ refinance home mortgage .​
With this in​ mind,​ prepare all your pay stubs for the​ past 30 days .​
You’ll get in​ their good graces if​ you​ have your W-2s ready .​
a​ neat file of​ W-2s in​ chronological sequence is​ proof of​ your stability in​ the​ income department .​

Pairing this with a​ list of​ your previous employers with their corresponding addresses is​ an​ indication that you​ have a​ good record .​
Borrowers will appreciate this because they can contact them for a​ background check,​ if​ that is​ the​ case.
Get hold of​ all your banks’ statements,​ investment accounts and mutual fund for the​ past three months .​
Be ready to​ explain large deposits .​
If these are gifts,​ make a​ copy of​ the​ signed gift letter,​ gift check and copy of​ the​ deposit slip.
You have to​ show your corporate or​ partnership tax returns if​ you​ own more than 1/4 of​ a​ business interest .​
If self-employed,​ ready your tax returns for the​ last three years .​
Borrowers who have rental property are asked to​ present tax returns for the​ past two years and the​ current rental contract .​
If you​ are a​ retiree,​ receiving Social Security,​ or​ child support – you​ have to​ get the​ appropriate documents ready – Pension Award Letter,​ Social Security Award Letter,​ or​ copy of​ the​ divorce settlement and 12 months of​ cancelled of​ checks for child support .​

Your debts
It is​ always standard requisite to​ present your record of​ existing debts .​
Prepare a​ list of​ names and addresses,​ account numbers and balances,​ and the​ payments you​ have made on​ a​ monthly basis to​ your loans.
Be ready to​ explain late payments,​ collections,​ credit inquiries and charge-offs,​ judgment or​ liens .​
If you​ have for bankruptcy within the​ previous 7 years,​ look for your bankruptcy papers.
If you​ are still paying a​ VA loan,​ get a​ copy of​ DD Form 214,​ and your Report of​ Separation plus your original Certificate of​ Eligibility .​
The usual requirements for refinance home mortgage
After you​ have readied all the​ papers,​ pack in​ your Photo ID and your Social Security number,​ your residence addresses for the​ previous years,​ usually two years .​

If you​ are not citizen,​ be ready with a​ copy of​ your green card and have both front and back photocopied .​
If you​ happen to​ be a​ divorcee,​ your divorce decree will also be needed.
Before you​ take out a​ refinance home mortgage
Scouting for the​ best deal should be second in​ your to-do list .​
This means lower interest rates by 2% than your current loan,​ no hidden fees,​ and a​ loan that can raise your equity through the​ years .​
Your ticket to​ financial stability is​ your capability to​ pay the​ monthly bills without sacrificing your family’s well-being.
So make a​ to-do list now and enlist your partner to​ gather all those documents for a​ stress-free refinance home mortgage loan application.




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