Mortgage Refinance Information

This list, while not comprehensive, covers the majority of things your banker will need to see when considering you for approval for refinancing your home. Not having this information can seriously delay your application process!

1. A check for your credit report and another for your appraisal. At least be prepared to pay for both these services out of your own pocket. SECRET: Often, if asked, the bank will cover these fees…all you have to do is ask! A few hundred dollars out of the bank’s pocket to pay for these services is more than worth it in the long run.
2. Any addresses you have lived at for the last 2 years. This applies even if you have lived out of the country.
3. Complete names, addresses and phone numbers of any landlords you may have had over the last 2 years.
4. Addresses and present values of any real estate or other real assets you might own.
5. Complete names, addresses, and phone numbers for all employers you might have had over the last two years, as well as job descriptions for your job.
6. W-2 Forms from all employers from the last two years (T4 forms in Canada).
7. Pay stubs from the most recent 30 day period you have worked (often a letter from your employer will suffice if you can’t locate or acquire a pay stub).
8. Bank addresses, bank account numbers, and the current balances for all checking, savings, registered retirement accounts, and any other deposit accounts you might have.
9. The three most recent months’ bank statements (if accounts are from another bank than the one you are applying at). All accounts, all pages. Essentially, the more paperwork, the better!
10. Names, account numbers, balances and monthly payment structures for any and all consumer debt (i.e. Sears card, JC Penny card, vehicle loans, personal loans, student loans, and mortgages on real property).
11. Card type, balances and typical monthly payments for any and all credit cards you have used in the last several months (these will also show up on your credit report, so it is wise to make sure this information is accurate).
12. If you pay alimony or child support, supply evidence, such as check stubs or receipts, as well as a copy of the court order detailing the payments and the ages of the child(ren) involved.
13. If divorced, a copy of the divorce decree and/or separation agreement(s).
14. Your social security/benefits award letters (at least if these are being used towards Qualifying Income).
15. If you hold any stocks, any information, like names of stocks, amount of shares owned, current market price per share, and the last 90 days of stock statements, or a recent quarterly statement.
16. Make, year and estimated market value of all motor vehicles. Also include a copy of the vehicle title (if the vehicle is less than 48 months old) and owned free and clear of all encumbrances.
17. If you have been bankrupt, had credit problems, or recently opened up new accounts for deposits or loans, provide documentation for each and an explanation of the circumstances surrounding the occurrences.
18. A copy of the deed and/or title, the most recent property tax bill, and your most recent homeowner’s insurance bill (if the loan is for refinance only).

FOR V.A. LOANS:

1. DD214 of Certificate of Eligibility (best if you have the original document, instead of a copy).

IF YOU ARE SELF EMPLOYED:

1. Two years’ worth of personal tax returns and income statements.
2. Two years’ worth of partnership and/or corporate tax returns (at least if applicable).
3. A year-to-date profit and loss statement, signed and issued by a chartered accountant.