If you are going to refinance your home mortgage you can save yourself some trouble by organizing your documentation before applying. Here is what you need to know to make your life easier while applying.
Be prepared; it’s not just the Boy Scout motto, it can save you money on your mortgage. There are a number of costly mistakes homeowners make when refinancing their mortgages. Not organizing your documentation prior to applying is a mistake that could delay your closing; this could result in losing your guaranteed interest rate. Before you start shopping for a mortgage make sure all of your financial documentation is in order. Here is what you need to put together.
Pay Stubs and W-2s
Keep one month’s worth of recent pay stubs for you and your spouse. If you are self-employed you will need to dig up tax returns for the last two years. Find the w-2s from your employers for at least two years for both you and your spouse. These documents will help you calculate your average monthly income.
Bank Statements
Keep two months worth of statements for your bank accounts, investment accounts, and retirement plan. This will enable you to document your assets.
Homeowner Documents
You will need the most recent deed to your home if you have one, your title insurance policy, homeowner insurance policy, your most recent appraisal, and the last survey of your home. The lender may require some or all of these documents. You should also have the most recent statement from your current mortgage lender, their 800 number, and the payoff amount of the current loan.
By organizing all of this information before you begin shopping for a loan you will streamline the application process. Being prepared could even save you money on the new mortgage. If you fail to prepare you could miss your closing deadline; if this happens and the lender’s interest rate guarantee expires, you could lose money. To learn more about saving money and avoiding common homeowner mistakes, register for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour is a mortgage professional and the owner of RefiAdvisor.com, a mortgage resource site offering a free gift for homeowners: "Mortgage Refinancing - What You Need to Know." This guidebook helps homeowners avoid common mortgage mistakes and predatory lending practices.
Claim your free guidebook today at: http://www.refiadvisor.com
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