Your stubs will not only show a gross monthly income but should also show a year-to-date total
Most programs ask for two month’s worth but sometimes lenders want to see three.
* If self-employed, Your last two years of personal and business income tax returns as well as a year-to-date profit and loss statement
** Any and all borrowers on the loan application will be asked to provide this information
You’ll see these closing costs at your settlement but remember these costs can be negotiated with the seller
This is an upfront fee that covers the original overhead cost of accepting and documenting a loan file.
This charge goes to an appraiser who will provide a written report regarding the current market value of your home by comparing recent sales of similar homes in your area.
This is a fee you pay directly to a property inspector who will perform a physical inspection of the subject property from top to bottom.
Title insurance protects the lender and the owners from any previous unrecorded claims of ownership against the property.
Homeowner’s insurance protects the home against natural hazards such as hail, wind and fire.
This fee pays the settlement agent responsible for making sure your loan papers are signed and executed properly according to the lender’s specific instructions.
Refinancing an existing mortgage really doesn’t take any longer than getting an approval for a purchase money loan. In many cases, a refinance is much less shorter if the existing loan obtains streamline status.
With a streamline, your refinance could close in as little as two weeks to gather all the information needed to approve the loan, get it through underwriting and deliver the loan papers to your closer. Yet time lines are also affected by your lender’s current processing and underwriting times.
Lock your rate! Don’t wait around to lock in your interest rate. Should you wait, interest rates could go up to the point where you’re not longer qualified. If you have a competitive rate, go ahead and lock that rate in. A lender can’t prepare your closing papers until your interest rate is finalized.