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  • The Loan Process

  • Step 1 -Tell us your needs and goals for refinancing

    The first step in the Mortgage Refinancing process is to fill out our quick one step approval form. Shortly after you complete the form, one of our friendly Mortgage Refinancing Specialists will be in touch with you so we can start getting familiar with your individual situation. You may already have some goals in mind for refinancing, and we are experts in finding the loan options that will help you meet those goals. We will take the time to answer any questions that you may have about any part of the mortgage refinance process so you can rest assured knowing that we will find the best available loan to suit your current needs and maximize your savings. Please enter your information into form now so we can begin to show you how fast and easy the mortgage refinancing process can be.

  • Step 2 - We find your absolute best options.

    Once we have discussed exactly what it is you wish to accomplish with your mortgage refinancing, gone over all of your best options, and completely answered all of your questions, we will request that you gather some documents and send them to us so we can begin processing your refinance. As we walk you through this process every step of the way, our knowledgeable Mortgage Refinancing Specialists will be just a phone call away to ensure the process goes smoothly for you. 

  • Step 3 - Your loan is approved and closed fast.

    Once you have supplied us with the necessary documents and we have helped you complete the required paperwork, we will get your loan approved and schedule you to close as soon as possible so you can quickly satisfy the personal financial needs and goals you may have. Sounds easy, right? Your satisfaction is 100% guaranteed and we look forward to making the process a pleasure for you. 

  • Checklist

     

    • W-2 forms from the previous two years, if you collect a paycheck.
    • Profit and loss statements or 1099 forms, if you own a business.
    • Recent paycheck stubs.
    • Most recent federal tax return, and possibly the last two tax returns.
    • A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances.
    • List of assets, including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements and records of other investments or assets.
    • Canceled checks for your rent or mortgage payments.

     

    About the W-2s

    Guidelines typically require the most recent Form W-2 wage and tax statement, but some borrowers are asked for two years of W-2s.

    "If your loan hasn't closed by the time that new W-2s should be received by the employees, then (the lender) may ask for that, certainly," says Julie Miller, a residential mortgage planner for Broadview Mortgage Corp. in Tustin, California.

    About the profit statement

    Self-employed borrowers may have to submit a current-year profit and loss statement, especially if the year is more than half over or they haven't filed their prior year's tax return.

    During the housing boom, many self-employed borrowers got loans with little or no income documentation. Those loans are rare now.

    About paycheck stubs

    Loan guidelines typically specify one month of verified income. You can prove this with paycheck stubs. Employees who are paid electronically may be able to access a corporate website to print out paycheck stubs.

    About tax returns

    You will be expected to provide tax returns, including all the pages and schedules. The returns will be scrutinized for unreimbursed employee business expenses, self-employment business losses and signs of loan fraud, such as reported income that doesn't match your W-2s.

    You'll be required to sign IRS Form 4506-T, which allows the lender to get a transcript of the tax return from the IRS. It's not a bluff: The lender will get the transcript of your tax return straight from the IRS and compare it with the copy of the return that you gave to the lender.

    Ordering your tax transcript "has become an industry standard as fraud prevention," says Brad Blackwell, executive vice president and portfolio business manager for Wells Fargo Home Mortgage.

     

    Other documents you might have to provide

    • Home sale contract, including the purchase price.
    • Proof that a gift isn't a loan.

    If you receive a cash gift or grant toward your down payment, you'll have to provide a letter from the giver that declares that the gift isn't a loan. The lender might even want a canceled check and the giver's bank statement.

    "It's not that big a deal, except that Mom and Dad don't like to give (their kids) a copy of their bank statement, especially if there is a lot of money in the account," says Joe Metzler, who heads Mortgages Unlimited in St. Paul, Minnesota.

    • A lease agreement, if you're renting out your former home.
    • Proof of rental property income.
    • If your income includes rents from investment property, it needs to show up on your tax return. Canceled rent checks and bank statements showing those deposits might be OK if the property was purchased in the current calendar year.
    • Proof of a child's age if child support is counted as income.
    • Bankruptcy discharge papers.
    • A copy of a divorce decree might be requested in some cases.

    Loan documentation tips 

    When asked for documents, provide them promptly. Never cross out, white out or alter any information on a document. "If you white out anything, it's not a valid document for our purposes," Miller says.

    Always provide every page of every document -- even the pages that say "This page is blank." "They want that, too," says Peter Ogilvie, president of First Residential Mortgage Corp. in Santa Cruz, California. "If it says 'page one of seven,' they want to see all seven pages."

    Finally, remain ready to supply updated documents. "Documents expire after 60 days," Blackwell says. "So if homebuyers take a long time in their house-hunting effort, we won't need the whole thing again, but they will have to bring the most current paycheck and that type of thing."