Monday, May 18, 2015

Part II: Home Refinance Checklist

To continue our 3 part series about Home Mortgage Refinancing, we want to point out that everyone has a different financial picture, unique goals and specific reasons why a refinance may or may not be the right course of action. Always seek out a mortgage professional to discuss your scenario so that you can make the best decision for you and your family.

Click here to read Part I: Should I Refinance My Home?

Getting Organized
Now that you have considered whether a mortgage refinance is right for you - we've put together a Checklist to help get you ready to Refinance your home loan. Like most of us, a home refinance is easiest when the process goes smoothly and quickly. Choosing a qualified mortgage professional will help ease your stress but there are certain documents that you will need to gather and submit to make sure the lender has a complete refinance application.

Document Checklist

  • Employment/Income Info
    • Recent pay stubs - not only will they want the most recent month's pay stub when you apply but be prepared they may need future months as the process continues. Example: If you apply in March but the process goes into April, it's is likely that the lender will ask for the most recent month's pay stub before closing. 
    • W-2 forms - to help establish income consistency, the lender will want to see 2 years of your W-2's. Let your mortgage professional know if there is a variation of income over the past 2 years as it is common for lenders to take an average which could change your qualification status.
    • Income Tax Returns - if you're self-employed, the lender will use your last 2 years tax returns to determine your income. Keep in mind that if you show very little income due to write-offs, this could affect your qualification status.
    • Other Income Documents - if you are a part-owner of a corporation etc., you may need to provide documents (such as K1 forms) to show business payouts etc.
  • Proof of Assets & Debt
    • Bank Statements - the lender will want to see how much money you have on hand and in savings accounts. They will ask to see bank statements for your checking and savings accounts as well as any stocks or 401K accounts. Just as the lender may request current pay stubs throughout the process, they may also ask for most recent bank statements.
    • Credit Report - you don't need to secure your own credit report prior to speaking with your mortgage professional but we add it here so you can be aware that your credit report will be pulled as part of the process of refinancing your loan. If you believe there could be any issues with your credit report - let your mortgage professional know right away. We recommend that you regularly monitor your credit with AnnualCreditReport.com which allows you a FREE credit report from each agency as required by government law.
  • Proof of Insurance
    • Homeowners Insurance - the lender will want to know that you are current with your homeowners insurance policy.
    • Proof of Title Insurance - the lender will want to know that title is clear to process the refinance. Learn more about Title Insurance Here»

Take a moment to try out our Refinance Calculator here»

Stay tuned for Part III: Home Refinance FAQ's Answered

If you have a mortgage AND a car loan, student loan or credit card debt - you can reduce your monthly costs with a SmartREFi™

Midwest Equity Mortgage, LLC

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