By Rodney Anderson
All-time low interest rates coupled with the overall upturn in the housing market has created a BOOM of refinance opportunities. More and more consumers are educated as to the benefits of a refinance, and are calling 1-800-Express to take advantage of this opportunity. One of the most frequent questions asked is: What paperwork do I need to have together for my refinance?
Once you’ve made the phone call and we learn more about your specific needs and desires, we can tailor this list to you. But for now, here’s what to gather on your “financial day off”:
Social Security number of all applicants.
*Two-year residence and employment histories.
*Two most recent paystubs covering the past 30 days.
*Copies of previous two years W-2 forms, 1099s, and complete tax returns.
*Two most recent bank statements (all pages): checking accounts, savings accounts, stocks, bonds, etc.
*If you own other properties, prepare a file with the address of properties and current market value. Also, any debt owed on properties, the lender’s name, address, account number, monthly payment, and current balance. Additionally, a copy of previous two years Federal Income Tax Returns with all schedules, and if it’s rented, a copy of lease.
*If you are applying for a VA loan, prepare your DD-214 and Certificate of Eligibility or a statement from your Commanding Officer if you are on active duty.
*If you have filed bankruptcy in the last seven years, be prepared to supply us with a copy of the petition and discharge, a handwritten explanation of reason for bankruptcy.
*If you are self-employed, prepare your previous two years Federal Income Tax Returns with all schedules and a year-to-date profit and loss statement.
In almost every case, this sort of paperwork at the ready is a wise move for your financial health in general. And then, when it’s time to take advantage of great rates and a great lender … you’re ready to save!