Back again now, with our special show ‘Your Home Loan.’ All about today’s incredibly low mortgage interest rates, and what they mean to you and the property in your life.
We’re going to wrap up this hour of the show with a checklist to help get you ready – if you plan to refinance.
You have refinanced, right?
I mean with rates for a 30-year fixed hovering below 3 percent?
Well, you might have already done it. And if so, congratulations. But if not – refinancing can save you money every month …and over the life of the loan? A refi could save you tens, if not hundreds of thousands of dollars.
But, as you might know, a refi is a lot of work! Documents, documents and more documents. But in today’s digital world, collecting those documents, organizing them and sending them to lenders? Is easier than ever.
Because by sending documents electronically, they’ll look a whole lot better than ones sent by fax machine – as in, you’ll actually be able to read them! And also, most lender offices used to have shared fax machines – so the chances of your lender getting your documents? Not always good!
But again, today – it’s a digital world. And the job’s a lot easier.
So let’s make a checklist – of what to gather up, so you’ll be ready …when you decide to refinance your home. 10 steps – to help you get organized before you contact a lender.
Step one. make a folder on your computer, named something creative, like September 2019 Refinance. And get ready to fill it with PDFs.
That’s right – PDFs. Lenders like those. Better than word documents, because they’re not as easy to alter and edit…..try making everything you collect – into a PDF.
Step two! Let’s gather up information about your income. Starting with your last two federal tax returns. Not just the 1040 – everything. If you do your own taxes on your computer, you probably already have those pdfs. If not, your accountant can send them to you.
Get those tax returns and put ‘em in the file.
And by the way, be sure to include your last two W-2s, or 1099’s also. …scan ‘em, and put ‘em in the folder. Because even though their numbers are already in your tax return, lenders need to see those actual forms…
Step Three? Three months worth of pay stubs. Your company might have them available online. If so, great. If not? Scan ‘em, and put those in the folder, too.
Thanks to online banking Step Four is pretty easy – three months of bank statements. Checking, and savings. Download the statements as PDFs and put them in the folder.
Same goes for investment accounts. IRAs, 401Ks, brokerage accounts. Right into the folder.
Step Five? If you’re a landlord, you’ll need to show proof of your rental income. I know, those figures are in your federal tax return…but most lenders will want to see the leases you hold. After all, that’s proof of income.
So to sum up the income portion of your refinance checklist – anything that proves you made money – wages, investments, rental income – anything – have the documents that prove it – scanned, saved and ready to share with the lender.
In our next hour we’ll look at five more steps – including your expenses….all designed to help you get your places refinanced at today’s ultra low mortgage interest rates! That’s in the next hour of Real Estate Today!