What documentation is needed for a mortgage refinance?

The documents required for a mortgage refinance will vary depending on the lender you use. If you stick with your current lender, chances are they still have a lot of your information already on file. However, much of this information will change over the years and will most likely be updated.

It also depends on the lender you apply with and the type of loan you apply for, and understand that with the information you provide, you must also provide all necessary documents to prove that income.

The basic items you will need to refinance are your latest two years of tax returns, six months of bank statements, and pay stubs or proof of income.

Some lenders might require pay stubs over another form of income. With bank statements for various bank accounts, you’ll usually have to obtain the most recent 2-3 months of statements, including the account names, addresses, account numbers, and balances.

Other lenders may even request your diplomas and transcripts and f you are receiving a gift from someone, you must bring a copy of the gift letter.

You will need to know your existing mortgage loan balance for payoffs and payments verification. You can call your lender for an updated statement.

Here is a list of the general items and documents you will need to refinance your mortgage:

– Photo ID and social security number

– Proof of income (copy of paycheck over last 30 days or employer contact info for last 1-2 years). Self-employed borrowers must provide year-to-date profit and loss statements or balance sheets. Pension plans, social security, alimony, and rental property statements also qualify for legitimate income sources

– Tax forms (W-2s and 1099s), are generally required for each loan applicant. Self-employed borrowers must have signed tax returns from the previous 2 years

– Financial records of debts such as student loans, car notes, child support, alimony, insurance, and tax bills

– A homeowner’s insurance policy

– Bank statements for checking accounts, savings accounts, credit union accounts, mutual fund accounts, retirement plans statements, 401K forms, and any other assets

– Statements for mutual funds, bonds, and other securities

– Copy of the deed to your property

– Copy of title insurance

– Loan-to-value appraisal: Most lenders will accept informal appraisals and estimates of relevant figures, but others will require a formal analysis.

– A list of your addresses of residences for the last two years.

– Copy of purchase agreement (If a new construction loan, you may need to provide copies of plans and specifications)

– If you are a resident alien, evidence of permanent residency issued by INS (Green Card)