dcsimg

What Documentation Is Needed to Refinance?

Posted on November 11 By Francine Huff

Refinancing could allow you to take advantage of the some of the lowest mortgage rates ever. Having good credit is important for getting the best deal on a home refinance. But even if you have a high credit score, mortgage lenders will expect you to provide documentation of income and assets.

Having a steady paycheck will work in your favor. You'll be asked to provide your most recent pay stub and income tax return. The income tax return becomes even more important when you are self-employed. While being self-employed won't automatically rule out getting approved for a home refinance, lenders are going to scrutinize your finances to make sure you can keep up with monthly mortgage payments. You also may be asked for a profit and loss statement for your business.

Other documentation you might need to provide are the most recent statements for savings accounts and investments, proof of homeowners insurance, and information about your property taxes. If you refinance with your current mortgage lender, you may be able to roll over the money in the escrow account to be used with the new loan.

Anytime the mortgage lender asks for documentation, make sure that you provide it as quickly as possible. Delays in processing paperwork postpone a closing, or even keep you from completing a refinance.

This entry is filed under General information . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response.
National Mortgage Rates National Refinance Rates
3.07%
Compare Local Rates

0 Responses to "What Documentation Is Needed to Refinance?"

No Comments

Leave a Comment
 
 
 
Get Mortgage Loan Quotes Now
  • Free Quotes
  • No Hidden Fees
  • No Obligations
  • Refinance
  • New Home Loan
  • Home Equity
  • Debt Consolidation
  • FHA Loan Orientation Guide
  • FHA Loan Orientation Guide

    Use our FHA Guide to find answers to all questions related to FHA loan.

    Click here to Download

Compare Mortgage Rates