Refinancing your home is, in many ways, a similar process to quialifying for a mortgage.
- Depending on which loan option you choose it may change what documents are required but generally they will need:
- Proof of Income: Pay stubs for the last 30 days
- Copy of Homeowners Insurance: To verify that you have current and sufficient coverage.
- Copies of Your W-2 Forms: To verify past employment and income history.
- Copies of Asset Information: Can include statements of savings, checking and 401k accounts and investment records for mutual or stocks.
- Underwriting – After all necessary documents have been acquired, underwriting will review the paperwork, coordinate a home appraisal and evaluate your credit so they can determine if you are eligible.
- Home Appraisal – A simple written estimate of the value of your home, which is used by lenders to determine what type of loan you qualify for.
- Closing Your New Mortgage – The closing process begins when you are approved for your new mortgage. Payments toward your new loan will begin afterward.
