Mortgage Refinancing Checklist: Your Ultimate Resource

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Sometimes you need something when you don’t, and other times you think you don’t need something when you do. That’s why we made this list of documents that you may need in order to refinance your mortgage. Every refinance deal is different, so you may be asked to provide more or less than what is on this list depending on your unique circumstance.

Documents Needed for Application

  • The past 2 years of federal tax returns, W-2s, 1099s, or K-1s, depending on your type of income.
    • If you are self-employed (own 25% or more) and file corporate tax returns, please provide a copy of the last two years tax returns.
    • If you filed for an extension for this year, please provide a copy of the filed extension and your two prior year’s federal tax returns.
    • Please be sure tax returns are signed where applicable (page on 2 personal, page 1 on business).
  • 30 days most recent pay stubs for all current employers.
  • 2-year employment history – if there are any gaps, a letter of explanation may be needed by your lender
  • Most recent available asset statements (checking, savings, brokerage accounts, money markets, etc.) covering at least a 2-month period. Please provide all pages even if blank or is a reconciliation page.
  • Retirement account statements (IRA & 401(k)), all pages.
  • Copy of driver’s license for all borrowers.
  • Current mortgage statement
  • Name and phone number of the insurance company that insures your home

If Applicable

  • Copy of any child support orders, all pages.
  • Divorce decree, if you pay alimony or if you receive it and want to use it for qualifying.
  • If you have filed bankruptcy in the last 7 years, your lender may require a copy of your filing and discharge papers.

Quick Tips for a Successful Refinance

  • Be ready to make your move. Keep your credit in good shape, and have your documentation ready to submit to your Mortgage Banker.
  • Use rising home prices to your advantage. The higher that home values increase, the more cash you may be able to get from a cash-out refi.
  • Consider refinancing to a shorter term for an even lower fixed rate. Interest rates on 15-year mortgages are often lower than a 30-year mortgage saving you money by paying less in interest payments, as well as paying off your mortgage faster

Get Started on Your Refinance

This list may seem daunting, but it doesn’t have to be when you partner with the right Mortgage Banker. The benefits of refinancing can be very lucrative with the historic low rates as of February 2020.

Ready to purchase instead of refi? We have a checklist for that too!

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