Refinancing* your mortgage can be a smooth and timely process with the proper preparation. Much like applying for a traditional mortgage, lenders will need to review several documents related to your existing mortgage, finances, debts, and loan repayment capacity. Below is a comprehensive guide to help you gather the necessary documents for a refinance and a checklist to keep you organized.
Defining Your Refinance Goals
Refinancing replaces your existing mortgage with a new one, so it’s crucial to understand your objectives. Whether you’re aiming to adjust the loan term, reduce the interest rate, or take out cash from your home equity, using a refinance calculator can provide an estimate of the costs and your new monthly payment.
Refinance Checklist
When you’re ready to start the refinancing process, you’ll need to collect various documents. These documents help lenders verify your income, current mortgage details, debts, assets, and other personal information.
Here’s a checklist to guide you:
Income Documents
· Pay stubs (past 30 days)
· W-2s (past two years)
· Tax returns (past two years, if self-employed)
· Profit and loss statement (if self-employed)
· Verification of other income (Social Security, pension, disability, etc.) if applicable
Home and Mortgage Documents
· Mortgage statement
· Homeowners insurance declarations page
· Homeowners Association (HOA) statements (if applicable)
Identification
· Driver’s license or state-issued ID
· Social Security card
Debt Statements (if applicable)
· Credit card statements
· Student loan balance
· Car loan balance
· Personal loan balance
· Home equity loan statement
Asset Documents
· Bank statements (checking and/or savings accounts)
· Investment account statements
· Retirement account statements
· Proof of any large deposits or gift funds (if applicable)
· Other asset statements
Other Situational Documents (if applicable)
· Bankruptcy documentation
· Divorce decree
· Child support or alimony payment details
· Credit or employment gap explanation letter (if requested)
· Proof of rental income from investment properties
Simplify Your Refinancing with Supreme Lending
Refinancing may seem daunting, but Supreme Lending is here to help. Our experienced mortgage professionals will assist you every step of the way, from gathering all necessary documents to providing timely updates on your loan status. We strive to ensure a seamless mortgage experience. Ready to start your refinancing journey? Contact us to get started today!
*By refinancing an existing loan, total finance charges may be higher over the life of the loan.