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.
Whats In Your To Do Checklist For Your Refinance Home Mortgage Loan Whats In Your To Do Checklist For Your Refinance Home Mortgage Loan Reviewed by Henda Yesti on June 29, 2018 Rating: 5

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