|
Refinance Guide
Do any of the scenarios listed below describe your mortgage situation? If so, a mortgage refinance may be the right move for you.
Contact one of our mortgage representatives to determine the advantages you could receive by a refinance. We have multiple options
between our conventional mortgage loan programs and our home equity loan programs learn more
. Refer to our
checklist for guidance on what you will need to provide with your application learn more.
- You would like to change to a different loan program
- You would like to shorten the term of your mortgage
- You would like to take advantage of a lower interest rate
- You would like to lower you monthly mortgage payment
- You would like to cash-out some or all of your equity for a home improvement
- You are facing a major purchase or college expenses
- You would like to consolidate your credit card debt and/or consumer loans
Available Loan Programs
Conventional Mortgage Loan Programs: learn more.
- Fixed Rate Mortgage
- Bi-Weekly Mortgage
- Convertible Adjustable Rate Mortgage (CARM)
Home Equity Loan Programs: learn more.
- Home Equity "Prime" Line of Credit**
- Home Equity Installment Loan
**Restrictions may apply based on property location and applicable state regulations.
Refinance Checklist *
* This checklist is provided for general guidance only and additional documents may be required at lender's request.
Here's what you will need when you apply to refinance your mortgage;
- Completed Application
- Lender Disclosures
- Supporting Documents:
See attatched checklist
Property Information
- Copies of most recent years paid tax bills: real estate taxes, city / village, county, school
- Copy of current hazard insurance policy, must be updated for mortgagee before closing
- Information on special assessments, homeowner's association, etc.
- Copy of property Deed and, if available, copy of survey
Personal Information
Credit & Liabilities:
- Explanation for any credit problems, lawsuits pending, or any outstanding judgments.
- Disclosure of all current debts including all consumer debt, alimony, child support, separation maintenance, 401k loans, co-signor debt, business guarantor debts, any other debts that apply.
Proof of Income:
- 1 Months most recent pay stubs.
- 2 Years W2 forms.
- Alimony or Child Support (if you elect to include) must continue receiving for the next three (3) years and provide a copy of legal documentation and copies of past 12 months cancelled checks.
- Social Security, Disability or Pension income (if you elect to include) must continue receiving for the next three (3) years and provide a copy of the award or benefit letter from the issuing agency.
- Self Employed, Rental Income and Commissioned Employees provide signed copies of most recent two (2) years tax returns (both personal and corporate if applicable) and a year-to-date Profit and Loss Statement.
Proof of Assets:
- Disclosure of all assets such as other real estate owned, deposit bank accounts, stock or mutual fund accounts, vested interest in retirement accounts, and any other assets that may apply.
- 2 Months most recent bank statements or account statements.
- Sale of Real Estate - copy of signed settlement statement
|
