When
you refinance your existing mortgage, you are essentially paying off
the existing mortgage debt and replacing it with a new loan. Many of
the same costs are involved in refinancing a loan as are in
first-time financing.
To start with, the lender will need personal information to verify
employment for you and your co-borrower (if there is one). They will
also need information regarding all of your debts and assets,
including your existing mortgage.
In order to expedite the paperwork process, start gathering the
following items:
W2's from the last two years (For borrower and co-borrower, if
you filed separately)
If you are self-employed, bring signed copies of your last two
year's tax returns, including all schedules that were filed, and a
profit/loss statement or balance sheet for the current year.
Most recent bank statements
Most recent statements from 401ks, IRAs, mutual funds and
securities accounts.
Attorney Contact information.
Homeowner's insurance company name
and number.
A copy of your current Mortgage payment coupons for your
existing loan or loans, along with the outstanding mortgage
balances and contact information for your lender or lenders.
There are full cost, low-cost and no-cost
refinance loan options available and some or all of the fees and
closing costs associated with your loan may be paid by the broker or
rolled into your loan. Your rate and or size of your loan will be
affected by the option you choose. (There is no free lunch!)
Just as you encountered in your original loan, your lender will
be required to provide you with a Truth-in-Lending Statement
that outlines the fees associated with your new mortgage loan. Let
us help you evaluate your personal situation and assist you in
finding the loan program that works best to meet your long-term
goals.
Call me directly for a free consultation.
For more information call Burke Lending, LLC / dba Burke Mortgage.
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Burke Lending LLC is Licensed by the Connecticut Department of
Banking NMLS ID# 90746
When
you refinance your existing mortgage, you are essentially paying off
the existing mortgage debt and replacing it with a new loan. Many of
the same costs are involved in refinancing a loan as are in
first-time financing.
Call Today!
(860) 649-LEND (5363)