Thursday, May 3, 2007

Refinance Checklist

Completing a loan application is the first thing you'll do when refinancing your mortgage. You may also need to provide a variety of documentation to help your mortgage lender approve you for a home loan. The documentation will vary depending on the lender you choose, your loan program, and your personal financial situation.

The following is a list of documents generally required when applying to refinance. You may or may not need them all, but for a fast and easy loan process, have these items available when you're ready to complete your mortgage application.

* Proof of income Typically, you'll need to show original pay stubs for the last 30 days.
* Copy of homeowners insurance Verifies that you have current and sufficient coverage on your home.
* Copies of your W-2 forms Required for each loan applicant and helps your lender verify past employment and income history.
* Copies of asset information Including accounts holding money for closing costs, statements for savings, checking and 401K accounts and investment records for mutual funds or stocks.
* Copy of title insurance Helps your mortgage lender verify the taxes, names on the title and legal description of the property.

Once you've begun the refinance process, your Rock Financial refinance consultant will tell which documents you'll need to get approved. They'll vary depending on where you live and which loan program you've selected. But keep in mind, the more information you have ready before you apply, the faster you'll get approved and close your loan.
Talk to a Refinance Expert!

Take 30 seconds to provide some information and we'll contact you to help determine the best home loan for you.

Schedule a time to talk
Terms Used in this Refinance Article
Homeowners Insurance

Just as you insure your automobile to protect against theft and damage, you insure your home. Homeowners insurance is required by all mortgage lenders to protect their investment, and must be obtained before loan closing. In most cases, coverage must be equal to the loan balance, or the value of the home.
Title Insurance

Title insurance protects a mortgage lender against any title dispute that may arise over a particular property. It's required to close on your home loan. You may also purchase owner's title insurance which protects you as the home's owner.

http://www.rockfinancial.com/refinance/refinancing/refinance-checklist.html?lid=1333