Many people fear the loan process can be long and grueling, however at Simply Direct Mortgage we try to make it as easy on our clients as we can.
Brokers, processors, underwriters, appraisers and the applicant all play a part in the refinance. There are some parts of the process that take longer than others and there are steps that you can take to make the process run a little smoother.
Below you will find a step by step guide.
The first step of the process is completely up to you. Documentation must be provided in order to start. The faster we get this information, the faster we can get the process moving. Keep in mind, a complete file will always go through faster. The following is what is required:
- Copy of your mortgage/HELOC statements with your loan number
- Copy of your current loan note – this is a document you received at closing on your present mortgage and it will state NOTE at the top of the first page
- Home owner’s insurance declaration page
- Annual property tax statement
- Copy of Driver’s license
- Name and contact information for employment verification
- Copies of your 2 most recent paystubs
- Copies of the lease agreements for each rental property (if applicable)
- Last 2 months bank statements (ALL PAGES). Statement must show full account #’s and reflect account holder’s name.
- Last 2 months retirement account statements (ALL PAGES) (if applicable).
- Last 2 years W2s.
- Last 2 years complete tax returns with all pages and schedules for self-employed borrowers or if any rental property is owned.
Note: please check with your loan officer for a more accurate list of documents that may be required for loan submission.