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Loan Documents

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Icon Mini Profile hanth23





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Post Posted: Sat Jul 28, 2007 5:36 am    Post subject: Loan Documents
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What are the documents required to procure or refinance a loan.
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Sun Jul 29, 2007 9:15 pm    Post subject:
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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.
Icon Mini Profile helping_user
helping_user




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

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Post Posted: Fri Sep 25, 2009 11:51 am    Post subject: documents needed for refinance
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We are both self employed now for the last 2 years. We only have 1 tax return with the new self employed status can we refinance?
Icon Mini Profile gmakerley
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Post Posted: Fri Sep 25, 2009 2:45 pm    Post subject:
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dgerace, what you'll be required to do is to visit your "tax guy" and prepare with him a p&l statement to bring your numbers up to date. you stated 2 years of self employment - does this mean you began your jobs on or before this date two years ago? that's a must.
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Icon Mini Profile manoj_gopale
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Post Posted: Sat Sep 26, 2009 3:26 am    Post subject:
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dgerace

welcome to mortgagefit.

I need to remind you that you will atleast require a good credit in order to get good deal on refinance.If you have good credit then and then only go for the refinance otherwise it will not have that much savings with all the efforts.

I hope you got what i wanted to convey...

keep in touch.... Arrow
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Icon Mini Profile kim090807





Joined: 20 Sep 2009

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Post Posted: Sat Sep 26, 2009 3:38 am    Post subject:
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As Manoj's suggestion Credit score will definately help you in capturing more benefit through refinance.
Icon Mini Profile sunnyca2009





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Post Posted: Sat Sep 26, 2009 6:08 pm    Post subject:
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Income Docuemtns
-Salary slips
- if self employed( last 2 years of tax return)
- ANy other incoem and documentation to prove that

Asset Information

- Recent bank statement
- Any ivestmenr accoutn statement
Icon Mini Profile eric1
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Post Posted: Tue Sep 29, 2009 9:37 am    Post subject:
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Here are the Mortgage documents needed when applying for a loan"
"http://www.dreamhomefinancing.com/MortgageDocuments.aspx"

[Link deactivated as per forum rules. Thanks.]

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