A Quick Refinance: The Paperwork

One of the best things you can to do as a borrower to expedite your loan processing is to make sure you get as much paperwork over to your lender, as quickly as possible.  There are documents needed for every loan type, including personal identification, recent tax returns and homeowner’s insurance declaration pages.

Proof of Income:
If you are currently a W2’d employee, your lender will need your last two W2s as well as your last two pay stubs.  If you’re retired, all relevant award letters will be required to prove your income.  For those borrowers who are self-employed, you will also need to provide tax returns (personal and business) from the past two years, including all schedules.

Proof of Your Personal Situation:

Depending on your life events, properties you own, veteran status, etc. lenders may require additional documentation related to your personal situation. Therefore, be prepared to provide any of the following:

• Divorce decrees
• Bank statements
• Separation agreements
• Homeowner’s insurance
• Tax information for other properties you own
• A letter of explanation for gaps in employment or discrepancies in personal information
• For Veterans, a DD214 or an NGB22

The bottom Line:
If you have a document that you think your Loan Advisor could possibly need, be prepared to send it, and if they ask for something, get it to them quickly. These requirements are incredibly important. As a borrower, do your part to accelerate the process by being prepared to forward files quickly. When your loan is funded in as quickly as 10 to 15 days, both you and your lender will be glad you did!

Written by: Julia Davenport-Drake, Loan Advisor at Royal United Mortgage LLC

Published: 2/4/2016