| Have you been thinking about applying for a home | | | | Asset Statements |
| mortgage refinance loan? | | | | Typically most homeowners will only need to show |
| Perhaps you are in an adjustable rate mortgage, | | | | two months worth of statements from your bank |
| looking to consolidate debt, or even just lower your | | | | accounts, IRA's, 401k, and any other investment |
| rate to a lower, fixed monthly payment. No matter | | | | accounts when applying for your home mortgage |
| what goal you are seeking to obtain at closing, one | | | | refinance. Documenting assets is a vital part of loan |
| thing that you should stay focused on is how to save | | | | application which can also position you to get the |
| time and money when applying for a refinance of your | | | | lowest rate possible. Your lender will typically ask for |
| home. However, all too often, many home owners | | | | the last 3 months of these statements to evaluate. |
| make the common mistake of not being fully prepared. | | | | Get Your Homeowner Documents Organized |
| Being prepared, what does that mean? | | | | In many cases your lender will ask for the title |
| When applying for a refinance loan, you will want to be | | | | insurance and home owner’s insurance policy and |
| able to lock in your interest rate as quickly as possible | | | | may even inquire about the property taxes you pay |
| when you see a low rate you want. Unfortunately, | | | | on the home. In some instances they may also ask for |
| many homeowners lack the organization of the | | | | to see the note to your home if you have an |
| required documents and end up fumbling for them | | | | adjustable rate mortgage or prepayment clause. Also |
| when they see a low rate, only to miss their chance to | | | | be prepared to show the lender the most recent |
| lock it in before the market changes, and even delay | | | | appraisal and survey of your home in case they ask. |
| the closing of their loan which costs even more time, | | | | One other important document to have on hand is also |
| money, and heartache. Here's how to avoid losing your | | | | the most recent mortgage statement that shows the |
| precious time and money: | | | | balance and monthly payments of any and all loans on |
| Gather Your Employment and Income Information | | | | your home. |
| Always have one month of your pay stubs and | | | | You've got everything Together, Now What? |
| spouse on hand, and if you are self-employed you will | | | | Good! Now that you've got all the necessary |
| need to have your tax returns for the past two years. | | | | paperwork together, you're going to find that when |
| You should also have your W-2's from your | | | | you're applying for your home mortgage refinance, |
| employers for the past two years also. If you haven't | | | | you're going to feel very confident and in control. You'll |
| been working at the same place of employment for at | | | | notice that nearly every possible question on the loan |
| least two years consistently, have your work history | | | | application will be easily answered because you are |
| and employer contact information along with payment | | | | prepared with the necessary information and you're |
| history available as well. This will allow you and the | | | | lender will be happy too! So get started and apply for |
| lender to quickly and accurately calculate a monthly | | | | your loan today knowing that you just saved yourself |
| average of income. | | | | a great deal of headache, time, and especially money |
| Obtain Most Recent Bank Statements and Other | | | | by simply getting organized! |