We’re going to wrap up today’s show by continuing our refinance checklist. Everything you’ll need to collect – to get that refi, at today’s low rates.
In our first hour…we talked about the five steps involved in gathering together everything that verifies your income and reserves. Tax returns. W-2s. 1099s.
Pay stubs. Checking and savings account statements. Investment accounts, including brokerage accounts, 401ks, IRAs and more. And for you landlords – get PDFs of the leases – to show the income you generate there, also.
And again, we recommend you create a folder on your computer – make every document into a pds – and put there.
Now – let’s continue with expenses.
Step Six! , your insurance on the property. Your agent can send you PDFs of your policies. Include those too, so your lender can get a good estimate of your escrow amount.
Step Seven – the property tax bills for every piece of real estate you own. Now sure, the lender can get those themselves – because they’re part of the public record. But it never hurts for you to gather them up, and include them when you apply for that refi.
Step Eight: Any condo fees? HOA fees? Get the bills – and put those in the folder also.
Step Nine – Again, if you’re a landlord and you get rental income, make sure you also include materials that document the expenses associated with the rental property. The property taxes, the insurance, condo or HOA fees, and miscellaneous expenses if you have those also.
And finally – Step 10? Check your credit. Now the lender will be able to pull your credit report – with your permission – so you don’t have to actually send them that. But yopu want to make sure you know what’s on there – in case there’s some mistake. If there is, get to work fixing it – and be ready to document those efforts as well.
Whew! That was a lot of work! But, by now, you’ll have a digital folder on your computer packed with PDFs….
So you are ready – to pounce! Call a few lenders! Compare their rates, and their terms….Get locked in – and start sending in those documents.
You see, lenders are so busy these days – your application will go much faster, if you’re ready to send in all the documents right away. And if you’ve already assembled everything – it will be incredibly easy, and go incredibly quickly.
And you’ll be on your way – to saving some cold hard cash – by putting today’s super low mortgage interest rates to work – for you.