Loan Documents

hanth23 · Joined: 22 Jul 2007 Posts: 23 10.95 Dollars($)

What are the documents required to procure or refinance a loan.

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi Hanth,

Borrowers are required to sign a number of legal documents for getting a mortgage. Two of the most important documents are mentioned as follows:

a) Cost of Borrowing Disclosure Statement: It spells out all the financial terms of the mortgage- the amount of the loan, the interest rate, the re-payment term, etc.
b) Mortgage Contract: It sets out the obligation of the borrower and describes what will happen if the borrower fails to make the loan payments.

During refinancing, the documents asked may be less than the first time for procuring the loan. Documents like personal profile, estimation of repair or modification of the house, the legal documents of the property are required to be given.

helping_user · Posted: Mon Jul 30, 2007 3:51 am Post subject:

Hi hanth,

The most commonly documents requested by a lender are:

Pay Stubs for last 3 months.

Last 2 year W-2 forms

Last 2 years Income Tax returns

Declaration from your homeowners insurance

Title report

A breakdown of your asset details

They may require more documents other than this depending upon your situation.

Thanks

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