It's very hard to predict rate. My advice is if you are happy with the rate available, lock it.
Otherwise, get document ready and wait for the better rate.
Mortgage Pre-Approval/Refinance Document Checklist
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Note: My lender requests to stay with the investor for at least 185 days after the refinance transfer (not funding) date. Otherwise, I have to pay back all the closing costs to lender. If you can't wait for 185 days, please let me know before sending me your file. Thanks for your consideration.
1. Download to your computer and fill out Borrower Information.
- Please download the file to your local, do not fill it out online.
- Please do not send me .pages file which is Mac format. I use windows, can't open .pages file.
- Please only send me .docx, pdf or jpg file.
- working history and living history can be ignored as you've already provided in borrower information.
- Provide ALL the information highlighted
- You can fill out the form on computer and save the PDF file. You don’t have to sign it.
3. I will pull your credit report
4. Recent 30 days pay stubs
- Need three pay stubs if you get paid bi-weekly or two stubs if paid semi-monthly
- The employer name must be shown on the pay stubs
5. last two years tax returns (Federal only but with all schedules)
- Try to provide all pages including Schedule C, Schedule E, K-1, etc
- Proof of extension if you filed tax extension
6. Last two years W2s
- If tax was filed jointly, need all persons' W2s
- Some banks only provide quarterly statement if no account activities. So make sure it's a clean quarterly statement.
- Please do not make large deposit or withdraw large amount of money from the bank accounts during the loan process.
8. Driver's license (front and back) for all borrows, and
- For US citizen, driver license copy (front and back) only
- For green card holder, please provide green card copies (front and back)
- For H1B holder, please provide:
- Passport - only need first page with photo
- Entry Visa on passport, it's OK if it's expired
- I-797 - two pages
For refinance, please also provide items from 9 to 12
9. Homeowner fire insurance statement (a.k.a Hazard insurance)
- Make sure it's not expired.
- Provide the insurance agent contact if it's not on the statement.
10. Most recent mortgage statement
- If the subject property is an investment property, I'll need your primary home mortgage statement/insurance statement/HOA statement.
11. If you have HOA, provide
- The master insurance.
- The HOA monthly statement. Do not use screenshot.
- Let me know if the total condo units < 20 in your community.
12. Property tax statement
Additionally, please also provide the following if they apply
- If you have HELOC/Second Mortgage, provide:
- Heloc note
- subordination agreement
- If you have rental property, provide
- rental agreements (if rental income will be used)
- mortgage statement
- property tax slip
- insurance
- HOA statement (if the property has HOA)
- If you are a new graduate student, provide:
- degree diploma
- start/end date of your degree
- address of your college
做loan的过程中要避免的事情 (things do not do from this point)
1. 请不要做extra mortgage paydown. 因为lender会要trace source of the money, 也可能会让这个loan变成 cashout refinance.
Please do not make any extra mortgage payment because it will cause the refinance to be cashout and lender will trace the source of the money
2. 请不要在银行之间进行转账, lender会要求看所有的source account statements.
Please do not make transfer among your bank accounts, too much trouble to source all the accounts.
3. 总之请不要做任何不必要的事情, 让escrow在close的时候做最安全. 有些看起来微不足道一个动作, 要补救是非常麻烦的.有事情就请先打电话给我.
If you have or will have following changes, please let me know, as it may fail the loan and your appraisal will be wasted
- Have solar lease on the property
- HOA has litigation
- Affected by Covid-19 (i.e applied forbearance, salary reduction)
- Job change
- Closed bank account recently
- Will go on travel so you can't sign doc
- Anything you can think of that may affect the loan application.
- Make extra principal payment
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Again, if you don't want Consumer Credit Reporting Companies selling your credit information to third parties, please choose opt out from the following website,this should be done as early as possible.