what documents do i need to refinance my mortgage

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Refinancing your mortgage can be one of the best ways to save money. Refinancing can replace your current home loan with one that has a lower or fixed interest rate or a longer payment period that reduces your monthly bill. Refinancing has its complexities, but most homeowners don’t need the services of an attorney to navigate the process.

The typical rule of thumb is that if you can reduce your current interest rate by 0.75% to 1% or higher, then it might make sense to consider a refinancing move. The first step is to calculate your monthly savings should you do the refinance. For example, suppose you have a 30-year mortgage loan for $200,000.

What Documents Do I Need to Refinance My Mortgage? | Home. – Qualifying to refinance an existing mortgage is virtually identical to qualifying for a new home.

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The mortgage refinance checklist below shows the documents you need to refinance a mortgage. Following it can make your mortgage refinance go smoothly and eliminate unwelcome surprises. But before completing the document checklist, decide on your refinance goal, and determine whether or not refinancing now can achieve that goal.

 · Verification of your property’s expenses. For refinances, this will include a mortgage statement and your homeowner’s insurance policy. Depending on the situation, we’ll also need confirmation of homeowner’s association dues and a solar panel agreement. If you’re buying a home, we’ll need a homeowner’s insurance quote.

Don’t forget everyone listed on the loan will need to provide their financial information. And it’s common that your lender will ask you for more documents as they review your application. Your home lending advisor will help you figure out what documents are needed.

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Refinance Loans. Then your new payments start, according to the terms and conditions of the refinance loan. The approval qualifications for a mortgage refinance are similar to the original mortgage’s qualifications. You’ll need a good credit score, enough income to.

refinance after divorce with bad credit I'm getting a divorce and need to refinance, but I have bad. – I’m getting a divorce and need to refinance, but I have bad credit gina pogol. dear Gina, My husband and I are splitting up and the lawyers say I have to refinance our home into my name. The problem is we have little equity, and my credit isn’t great. What should I do? – Leslie, Appleton, Wis.