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Documents needed for refinance mortgages

Documents needed for refinance mortgages

It is always wise to be prepared and have all the necessary documentation ready from your side before you start the refinance process to streamline your loan. Your refinancing may take a longer time to get processed as there are so many people filing for refinancing these days. Your lender may be entirely backed up with applications. However having all the necessary documentation ready from your side can help speed up the whole process. The documentation required for refinancing is virtually the same as the ones that you had to submit for your original mortgage. Scroll down to take a look at the documents that you are required to have ready:

  1. Proof of income: Generally, proving your income requires the following documents:
  • Last of 30 days of pay stubs
  • Current tax returns
  • Tax forms like W-2’s and 1099s
  1. Insurance: You need to produce documentation for two kinds of insurance
  • Homeowners insurance to prove that you have enough coverage for your home.
  • Title Insurance to help your mortgage lender check the taxes, the names on the title and the legal description of your property.
  1. Credit Information: You will need your recent credit score and credit reports.
  2. Monthly Debt Loan: Although your lender will be able to see your debts during a credit check, you are still required to produce the following documents
  • Current mortgage
  • Home equity loans
  • Credit cards
  • Auto loans
  • Student loans
  1. Total assets: All you financial assets other than your home have to be documented.
  • Savings accounts
  • Stocks
  • Mutual funds
  • CDs
  • Retirement accounts like 401K’s
  • Other real estates
  1. Appraisal: The lender will also require the current appraisal of your home.
  2. Loan to Value appraisal: Some form of informal appraisal on the worth of your house compared to what you owe on the existing loan will also be required.

With all these documents ready, you will be able to sail through the whole process of applying for refinance mortgage.