How To Prepare for Your Refinance

Thinking about refinancing? This refinance checklist will make sure you're prepared, making your refinance quick and easy! 

Before starting your refinancing process, Rate recommends you have the following ready:
But keep in mind, if you can't find something, don't worry – one of our home loan experts will help you!

â–¡ Define Your Refinance Goal
LIKE WHAT? Do you want to lower your payment, consolidate your debt, borrow at a lower rate, etc.

â–¡ W2s and Federal Income Tax Statements (from previous 2 years)
WHY: These documents will help your loan officer verify your income, which can help you get an approval on your refinance application.

â–¡ Current Credit Score
WHY: Depending on which mortgage you're attempting to refinance to, there are minimum credit scores needed to be approved for each. In addition, the better your credit score, the more likely you'll receive a lower interest rate.

WHERE: There are many places online that offer free credit scores and reports, such as Quizzle.

â–¡ Copy of Your Current Mortgage Statement
WHY: To properly determine your refinance options, your home loan expert will need to know your current balance as well as the term of your current mortgage.

â–¡ Your Approximate Home Value
WHERE: Try websites like Quizzle, Cyberhomes or Zillow that can help you find your home value estimate.

â–¡ Proof of Employment History
LIKE WHAT? Paystubs

WHY: This proves that you will be able to handle your new mortgage payments and you have stable employment.

â–¡ List of Your Debts
LIKE WHAT? Credit card balances, auto loan information, additional mortgages, divorce decrees, bankruptcy documents, etc.

WHY: When applying for a mortgage, the main contributor towards your mortgage is your debt-to-income ratio. This list will help us determine it.

â–¡ List of Your Assets
LIKE WHAT? Your checking account balance, savings account balance, 401L, IRA, CD, stocks, etc.