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If you’re thinking about refinancing your mortgage, it’s good to be prepared.

After all, refinances typically take a month or two to complete, and delays in getting your lender the information they need from you can stretch that timeline even further. Having all your documentation ready can help the process go more smoothly.

What documents are needed for a mortgage refinance? Let’s go over the basics of what most borrowers will need to provide.

Refinance Documents Checklist

Your lender needs certain documentation to be able to approve you for your refinance. This documentation may vary depending on the lender you’re working with, the type of loan you’re getting and your personal financial situation.

Here are some of the items you’ll typically be asked to provide.

Pay Stubs

Lenders want to confirm that you’re earning enough income to afford the mortgage.

You and anyone else who will be a co-borrower on the loan (like a partner or spouse) will need to provide pay stubs from the past 2 or 3 months.

If you’re self-employed, you’ll need copies of your last two federal income tax returns as well as profit-and-loss statements in order to verify your source of income.

Start preparing now by locating and making copies of all of these documents – you’ll want to have these items ready to go.

W-2s, Tax Returns And 1099s

To verify past employment and income history, your lender will also require you to submit copies of your W-2s, tax returns and/or 1099s. Typically, lenders ask for 2 years’ worth of information.

Your lender will use these documents to verify your salary and see how much your earnings fluctuate from year to year.

Homeowners Insurance

You’ll need a copy of your homeowners insurance policy to verify that you have current and sufficient coverage on your home.

Asset Statements

Similar to when you purchased your first home, your lender will need to verify that you have enough cash to cover closing costs (if you can’t roll them into your loan) and, if required, at least 2 months’ worth of mortgage payments.

You’ll need to provide recent statements from:

  • Checking/savings accounts
  • Retirement accounts
  • Investment accounts

Debt Statements

Your lender might ask for verification of debts or other expenses you’re currently paying. In particular, they’ll want to verify the details of your current mortgage, and may ask you to provide a recent mortgage statement.

They may ask for documentation related to other loans you’re paying off as well, such as a home equity loan, student loan or credit card. Have recent statements from all these accounts ready to go when you apply to refinance.

Additional Documents

Depending on your lender’s rules or your own financial situation, you may be asked to provide additional documentation.

For example, if your bank statements show you recently made a large deposit, you’ll need to explain where that came from. If a family member gifted you the funds to cover your closing costs, they’ll need to write a letter verifying that.

Additional documentation you may be asked to provide include:

  • Letters of explanation for past credit issues or employment gaps
  • Child support or alimony payment documentation
  • Proof of rental income from investment properties you own
  • Gift letter or other documentation verifying source of deposits
  • Documentation related to a bankruptcy that’s been discharged

Documents Needed For Signing At Mortgage Refinance Closing

As you head to your closing, be sure to bring your Closing Disclosure form, your funds needed to close (typically in the form of a cashier’s check) and a driver’s license or government-issued photo ID.

To close on your loan, you’ll sign a few different documents, including a mortgage or deed of trust and a promissory note.

The Bottom Line: Be Prepared Before You Apply

Getting a mortgage can be a somewhat lengthy and headache-inducing process. Having your documentation on hand and ready to go ahead of time can make things easier on yourself and help your lender move as efficiently as possible.

For more information on preparing for your refinance, check out the Rocket Mortgage® Learning Center.

This Post Has 18 Comments

  1. Hello, I had a credit card in my name only that my husband didn’t know about and have paid it off.
    We want to refinance do I need to say I had a cr card

    1. Hi Nicole:

      That depends on a few factors. First, if you’re both going to be on the mortgage application, it would show up on your credit report. Second, even if you’re not on the mortgage application, but you’re getting an FHA or VA loan in a community property state, in most cases, we have to pull your credit as well. Outside those instances, your credit isn’t pulled if you’re not on the loan, but your income can’t be used to qualify either. I hope this helps!

  2. I Was wanting to refinance a loan that my husband and I have at the bank which is a interest only loan, but my concern is that my husband is self employed and he gets 1099’s for our taxes along with my w2 but, on his taxes by the time he deducts his phone, truck and other work related expenses it shows a loss so how would that affect my loan..?

    1. Hi Vickie:

      That could hurt your loan prospects. However, I recommend speaking with one of our Home Loan Experts at (888) 980-6716. One thing you might be able to look into is applying on your own.

  3. Thinkin about refinance of home to relieve debt from starting business last year taxes are an issue as well. Back taxes and not filed yet but have tax people on it .
    Is refi possible for me ?

    1. Hi Andy:

      I think the best thing to do in your situation would be to speak with one of our Home Loan Experts about the particulars to see whether we can help at this time. With that in mind, you can give us a call at (888) 980-6716.

  4. Would like to refi to get the pmi off my loan no outa pocket expenses is this possible.I have roughly 65,000 equity loan pay off 327,000 owned little over 1 year

    1. Hi Shane:

      Assuming the original loan balance is that $327,000 figure, you’ve paid off enough of the balance to get to roughly 19.88% equity. You would have to get to 20% equity before PMI could be taken off at your request on a conventional loan. If you already have a conventional loan, the process doesn’t actually involve refinancing. Once you reach 20% equity, you request that PMI be removed. At that point, the lender sends an appraiser to verify the value of the home. Assuming the value hasn’t decreased and you paid off 20% of the balance, PMI is then removed.

      If you have some other form of mortgage insurance through FHA or USDA guarantee fees, you would have to refinance to get mortgage insurance. We could help you look into your options through Rocket Mortgage or by talking to one of our Home Loan Experts at (888) 980-6716. Hope this helps and have a great day!

  5. I need to refinance my mortgage and assume a second mortgage. I was discharged from bankruptcy in October 2017. I have built my credit score up to 680 on Equifax and 720 on Transunion. There is $50M or more in equity in my condo. I don’t want to draw money out, just refi. I work and draw my SS. I was out of work from 2016 to 2017 due to a surgery that went bad so my tax information doesn’t look god for the past 2 years. I was told by my HOA that they are a qualified FHA HOA. Do you think I will have a problem getting a refi? I don’t want to wait too long. I have a 4.875 on my first right now. I owe about $108,000 on my first and about $47,000 on the second. The second is interest only at 3.25.

    1. Hi Sandra:

      I’m going to assume you actually mean $50,000 in equity and not $50 million. We don’t do loan amounts that high if you do. We don’t do second mortgages, but we could help you take cash out on a primary mortgage potentially. The tax info might be your biggest hurdle and coming off bankruptcy, you would have limited options, but I’m going to recommend you speak with one of our Home Loan Experts at (888) 980-6716. Hope this helps!

  6. I was trying to refinance and they told that my condo was not on the FHA since 2011. What is that mean? I can’t refinance or sell the property? What should I do?

    1. Hi Hilda:

      The FHA specifically reviews condo projects to make sure that the building standards are up to snuff and that the condo association is in good financial shape. Until your condo complex is on the approved list, you can’t refinance with an FHA loan or sell to anyone who would be using an FHA loan for financing. All hope is not lost. You can either refinance with another loan such as a conventional loan or work with your condo association to ensure things are up to FHA standards and submit for another review. If you would like to go over this and all your options, you can speak with one of our Home Loan Experts at (888) 980-6716. Hope this helps!

  7. I just got into my new home and would love to doa few things to it but I put 40k down and u no all the other stuff you buy it just cost more then you think if I had 10 thousand I could do everything I want to this house have it just the way I want it to be !

    1. Hi Kim:

      I absolutely understand where you’re coming from. One thing you might take a look at is a personal loan from our friends at RocketLoans. One of the things that’s nice about that is that you can check your options without affecting your credit score. This might be the best option because having just bought your home, you may not be able to access your home equity yet. Hope this helps!

      Thanks,
      Kevin Graham

    1. Hi Benny:

      We can certainly help you look into your options. I want to make sure you speak with one of our Home Loan Experts because when it comes to bankruptcy, we work at the discharge or dismissal dates in determining your eligibility. You can get in touch with us at (888) 980-6716. Hope this helps!

      Thanks,
      Kevin Graham

  8. Do not run my credit report until I have spoken to somebody my credit score is like 806 nevertheless I do not want to hard inquiries till I find out more information about it it really doesn’t sound like that good of a deal because of all the closing costs and stuff it’s just sounds a little high

    1. Hi Phyllis:

      I absolutely understand your concerns. I’m going to pass this along to our team so they know your preferences.

      Thanks,
      Kevin

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