What do I need??
If you have just a paystub and W2 income, you'll go fast! We need at worst case, 1 month of pay stubs, and the last 2 years of W2s.
If you are self-employed or have any investment property we will need the full signed 2 years of 1040s, 1120s, etc. with all the schedules and the K1s!
That means bank statements. Get us two months of statements, all pages, and enough to pay for any money due at the closing plus up to 9 months of reserves.
This is very cool news. Most refis I am seeing where there is a standard Fannie Mae loan amount, no cash-out, good income, and credit are getting appraisal waivers!! That means you don't have the clean the house again. But, for the rest of you, the appraiser will blow through the house, go back to their office, and put out a book size document that makes everyone happy (lender, investors, Freddie, Fannie).
The declaration page of the insurance policy, condo contact info, photo ID. Get ready to have title insurance again because the new lender needs to know all is well with your place.
Let's Get Started!
Here's the way Refinancing works
in the mortgage world, 2020 style.
We have you (or we can do it over the phone) go to the loan app and fill out the secure application. It's pretty cool. It's time-saving because we are able to retrieve the stuff the lenders want like bank statements directly from your bank securely. Income documentation possible too since all companies aren't there yet. But, if you work for a big company, it is likely we can pull your w2s and pay stubs to satisfy that part of the process.
After gathering and hunting, we send your file electronically and securely to the lender we have chosen or locked in with. They will furnish a loan estimate to you that you will read and we will help you understand. once you are cool with the numbers, the clock starts on your loan.
As your file goes through pre-underwriting and disclosing, we get to order the appraisal. Simultaneously, the loan goes to the underwriter and the appraisal comes to your place.
Make sure the place looks as nice as you can get it. They will be taking pictures of the inside.
Then, once the appraisal gets back to underwriting, they issue us a list of the cleanup items. We bug you for anything we need and you're off to closing!
Why go through a broker and who will be my lender?
Good questions. We have multiple sources and that allows us to find the best deal or put the best situation for you looking short and long term.
We have both big wholesalers and boutique companies that specialize in one type of loan product.