Procedure: Prepare Updated Documents
Home Mortgage Refinancing Procedure
-- Keeping Up with the Paperwork
If you have decided to refinance, you
are probably anticipating the mountain of paperwork
you will have to collect for the financial representatives
to look over. You can streamline your application and
approval process by assembling what the mortgage company
will need before the date they need it. So when you
talk to them, make sure you know ahead of time what
they will require. Then, take the initiative and go
get it done.
Home Mortgage Refinancing: Standard
While lenders sometimes require different
documents, some requirements are always the same. For
instance, you will need proof of income. Retrieve your
old tax returns as far back as the company will need
them. Get pay stubs and any necessary bank statements.
If you have a bankruptcy in your background get paperwork
the lender may require for that as well.
Home Mortgage Refinancing: Getting
an Appraisal of Your Home
Unless you use your current lending
company for your home mortgage refinancing, you will
have an appraisal. Even if you do use your original
lenders, they may require an updated appraisal anyway.
This can often take some time to get scheduled, so get
it handled early on. Also get credit card statements
if necessary, and any other information they may need
to determine your income to debt ratio.