Let us work to secure the best refinancing options for your loan. With today’s historically low rates, odds are you could be saving money each month, even if you purchased a home a few years ago. Contact one of our VIP loan officers near you, and jump start the process today.

What you need to refinance your mortgage loan:

  • W-2s from the last 2 years of each person on the loan
  • Current homeowner’s insurance company’s name and number
  • 2 most recent pay stubs of each person on the loan
  • Original lender’s contact information
  • Most recent bank statements for 2 months
  • Most recent statements from 401(k)s, IRAs, mutual funds and securities accounts
  • Copy of your current payment coupon for your existing loan with the outstanding mortgage balance
  • If you’re self-employed you should bring signed copies of the last 2 years’ tax returns, including all schedules that were filed and a profit/loss statement or balance sheet for the current year.

Refinancing Costs

Just like applying for a home loan, many of the costs associated with originating a home loan are also associated with refinancing. This includes closing costs, title processing, appraisal fees and others. However, there are a few loan options that are available at no cost or very low cost.

Fees that could be associated with a refinance loan are:

  • Application Fee – A processing charge by the lender to process the loan.
  • Appraisal Fee – An appraiser will determine the current value of your home.
  • Credit Report Fee – The lender charges a fee to access your credit report.
  • Title Search and Title Insurance – Your current title company may be able to reissue a new policy and save you money.
  • Survey – The lender may require a property survey to document the current status of the land your property is on.
  • Loan Origination Fee – Usually expressed in points, this is a fee upfront that the borrower pays the lender to underwrite the loan.
  • Discount Points – Purchasing discount points at the origination of the loan will lower your interest rate for the life of the loan. Most commonly, 1 point will lower your interest by 1/4%.
  • Miscellaneous Fees: VA and FHA loans may have fees associated with them. Document preparation fees, tax service fees, and notary fees may all be included.
  • Pre-payment Penalty – Sometimes existing loans carry a pre-payment penalty clause. This will require you to pay a percentage of the outstanding loan amount if paid off early.

Just as when you first originated your current home loan, your lender is required to provide you with a good faith estimate that outlines all the fees associated with your new loan. It is also beneficial for the homeowner to speak with a personal tax consultant, as refinancing can affect a tax return and costs.