Refinancing

You may be interested in refinancing out of an adjustable rate mortgage or avoiding a large balloon payment. Maybe you need to acquire cash for a large purchase, home improvements or debt consolidation. Or, maybe you just want to shorten the term of your current mortgage and take advantage of a lower interest rate. Regardless of why you are thinking of refinancing, I can help you not only figure out which loan program is best for you, I can also help you determine if it makes good sense.

If you would like to know how much money you will save by refinancing for a lower interest rate, you can use my How much will I save calculator.

If you have already decided to refinance, I have outlined the major steps of the refinancing process below. This will help you to get organized and know what to expect.

• Getting Organized - There are some things you will need in order to get started with the refinancing process. They include:
  1. Past two years of W-1's and one month of most recent pay stubs for salaried employees.
  2. Past two years of tax returns including all schedules
  3. Past two months of bank statements for all accounts
  4. Most recent statements of your assets, IRA/401K, Stocks, Bonds etc.
  5. If you own rental property, provide recent rental agreements and tax returns for the previous two years, including all schedules
  6. If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors.
• Getting Qualified - Getting qualified for your refinance should be pretty easy. You had to have good credit and income to get into your home so unless there have been any major changes it should just be a matter of finding the best loan program for you. If you would like more detailed information on getting pre-qualified please visit the Pre-Qualifying page.
• Completing the Application After I have helped you decide which loan program is best, we will need to fill out an application (1003). The application will state your interest rate, terms of your loan and the amount of cash you will be taking, if any. I will ask you for your financial documents and to sign the application and all disclosures.
• Processing and Approving Your Application After we have completed the application, I will turn it into my processor Michele Kahl and include all of your employment, income and asset documentation. Michele will, among other things, verify your employment, verify your assets, verify your income and get your loan package organized for our underwriters. You will have direct communication with Michele while your loan is being processed. Our underwriters will then make sure that we have followed all the rules and determine if your loan will be approved!