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.
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.
Hi hanth,
The most commonly documents requested by a lender are:
Thanks
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
Thanks
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?
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.
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:
:arrow: :arrow: :arrow:
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:
:arrow: :arrow: :arrow:
As Manoj's suggestion Credit score will definately help you in capturing more benefit through refinance.
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
-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
Here are the Mortgage documents needed when applying for a loan"
"http://www.dreamhomefinancing.com/MortgageDocuments.aspx"
[Link deactivated as per forum rules. Thanks.]
"http://www.dreamhomefinancing.com/MortgageDocuments.aspx"
[Link deactivated as per forum rules. Thanks.]
