We used to think that HARP-eligible borrowers were “underwater” meaning they owed more than their home was worth, but wasn’t always true. In fact, since the inception date of HARP (April 2009), 56% of all those who had completed a HARP refinance had Loan-to-Value (LTV) ratios of 80% to 105% of the home’s worth, meaning: they didn’t actually owe more on their mortgage than their home was currently worth. Should you be taking advantage of HARP? Read on to see why you should be.
Completing a loan application is the first thing you’ll do when refinancing your mortgage. You may also need to provide a variety of documentation to help your mortgage lender approve you for a home loan. The documentation will vary depending on the lender you choose, your loan program, and your personal financial situation.
The following is a list of documents generally required during the refinance application process. You may or may not need everything on our refinance checklist, but for a fast and easy loan process, have these items available when you’re ready to complete your mortgage application.
- Proof of income: Typically, you’ll need to show original pay stubs for the last 30 days.
- Copy of homeowners insurance: Verifies that you have current and sufficient coverage on your home.
- Copies of your W-2 forms: Required for each loan applicant and helps your lender verify past employment and income history.
- Copies of asset information: Including accounts holding money for closing costs, statements for savings, checking and 401K accounts and investment records for mutual funds or stocks.
- Copy of title insurance : Helps your mortgage lender verify the taxes, names on the title and legal description of the property.
Once you’ve begun the refinance process, your Quicken Loans refinance expert will tell you which documents you’ll need to get approved. They may vary depending on where you live and which loan program you’ve selected. But keep in mind – the more information you have ready before you apply, the less time it will take to get approved and close your loan.
If you still have questions, please call us at 800-251-9080 to talk to a refinance expert today. We can help you determine which refinancing option is best for your situation.