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hanth23

Joined: 22 Jul 2007
Posts: 23
11.06 Dollars($)
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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. |
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larry

Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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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. |
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helping_user

Joined: 31 Mar 2006
Posts: 815 Location: Hawaii
154.76 Dollars($)
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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 |
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dgerace
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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? |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7448 Location: bloomfield, ct
70.12 Dollars($)
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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. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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manoj_gopale

Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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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....
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kim090807

Joined: 20 Sep 2009
Posts: 52
0.00 Dollars($)
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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. |
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sunnyca2009

Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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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 |
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eric1
 Community Experts

Joined: 04 Jan 2009
Posts: 1172
175.82 Dollars($)
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