Download a copy of the refinance checklist here.
If you’re considering refinancing* your mortgage, there are several ways you can prepare beforehand to ensure a smooth, timely transaction. The refinancing process requires careful planning and organization, starting with gathering the necessary documentation. Just like applying for a traditional mortgage, lenders will require several documents to refi your loan. They’ll need to review your existing mortgage, finances, debts, and capacity to repay the loan. Here’s a general breakdown of what you’ll need to prepare along with a refinance checklist.
Understanding Your Goals of Refinancing
To refinance an existing mortgage essentially involves replacing it with a new one. The most important step of refinancing is to understand the outcome of your new home loan. Whether you’re looking to change the loan term, reduce the interest rate, or take out cash from your home equity, using a refinance calculator can help you get an estimate of associated costs and new monthly payment.
Refinance Checklist
When you’re ready to begin the refinancing process, it’s time to collect the documents needed to refinance. These include details to help lenders verify your income, current mortgage, debts, assets, and other documents depending on individual situations. Here’s a refinance checklist of basic documents to help guide you in preparing to refinance.
Income Documents
- Pay stubs, past 30 days
- W-2s, past two years
- Tax returns, past two years, if self-employed
- Profit and loss statement, if self-employed
- Social security, pension, disability, or other income verification, if applicable
Home and Mortgage Documents
- Mortgage statement
- Homeowners insurance declarations page
- Homeowners association (HOA) statements, if applicable
Identification
- Driver’s license or state-issued I.D.
- Social Security card
Debt Statements, If Applicable
- Credit card statements
- Student loan balance
- Car loan balance
- Personal loan balance
- Home equity loan
Asset Documents
- Bank statements (checking and/or savings accounts)
- Investment account statements
- Retirement account statements
- Proof of any large deposits or gift funds, if applicable
- Other asset statements
Other Situational Documents, If Applicable
- Bankruptcy documentation
- Divorce decree
- Child support or alimony payments
- Credit or employment gap explanation letter, if requested
- Proof of any rental income collected from investment properties
Simplify Your Refinancing with Supreme Lending
Navigating the refinancing process may seem overwhelming at first, but with Supreme Lending by your side, our experienced mortgage professionals can help guide you every step of the way. From ensuring you gather all necessary documents on the refinance checklist to providing timely updates on your loan status, we’re committed to providing a seamless mortgage experience.
Ready to take the next step in refinancing? Contact your local Supreme Lending branch to get started.
*By refinancing an existing loan, total finance charges may be higher over the life of the loan.