My first mortgage back in the late 70’s was at 8 percent. As time went by and interest
rates climbed into the high teens, no one imagined that in 2009 a fixed rate home
mortgage could be obtained for less than 5%.
If you are one of the many people taking
advantage of these historic rates by purchasing a home or refinancing and existing
mortgage, print off the “Finance and Refinance Checklist” and get started. You might
even impress your mortgage lender!
NOTE: Although additional information may be
required by certain lenders, the following list should give you a good head start.
For an FHA or VA loan additional documents may be required; check with your local FHA
and VA offices for specific requirements.
New Financing and Refinancing
Paycheck stubs – 1 month
W2’s – 2 years
Tax returns (including corporate returns if applicable) – 3 years
Bank statements (checking and savings accounts) – 3 months
Residency history – 3 years
Employer history information – 2 years
Additional income history (social security, pensions, etc.)
Assets - (Roth, IRA, 401K, CD, brokerage account, real property, personal property, etc.) with names, contact information and account numbers – 2 months (all pages of statements)
Liabilities (creditors) - (credit cards, loans, personal property, real property, etc.) with names, contact information and account numbers – 2 months (all pages of statements)
Leases on rental properties owned
Child support or alimony documentation
Know credit score in advance
Tip: Obtaining your credit score prior to applying for a loan lets you correct any errors in advance
Copy of social security card
Photo ID
Current landlord or mortgage holder name and contact information
Homeowner Association fees
Homeowner Association Declarations
Down payment and cash closing costs documentation (where is the money coming from)
If self-employed or corporation, profit and loss, business license,1099’s, W2’s & balance sheet - current
Divorce or settlement agreement
Previous bankruptcy or short sale documentation
Application fee (if applicable)
Other refinancing requirements (Note, Deed of Trust, etc.)
