If you are planning on taking out a home mortgage refinance loan there are steps you can take before applying to make sure the application process goes smoothly. Ensuring that there are no unforeseen delays in the closing process will prevent your rate lock from expiring before you close on the loan.
Organizing your home mortgage refinancing efforts will make life easier for everyone involved with your application. Here are several tips to help you prepare the necessary documentation before applying for your home mortgage refinance loan.
First, you will need a months worth of pay stubs from your job. If you are self-employed you need the last two years tax returns and the schedules you filed. Track down the w-2s from your employers going back two years. Your lender will use this information to document your income when approving your application.
Additionally, you will need the following documents:
• Two months of your most recent statements for bank and investment accounts.
• Your title insurance policy, homeowner’s policy, and the most recent statement from your lender with contact information.
• The payoff balance of your existing mortgage loan.
• The most recent survey and appraisal of your home.
Preparing for your home mortgage refinance loan before applying will make your life easier during the time it takes to get your loan approved and close on the mortgage.