Refinancing Checklist: Preparing for Your New Home Loan
Once you’re ready to refinance your home loan, you’ll want to have all pertinent documentation ready.
Like most efforts of a similar vein, the more your financial information is in order, the more smooth of a process it will be. Below, we’ve come up with a refinancing checklist to reference so that all your ducks can be in a row.
1
Income is Important
One of the first steps to securing a favorable refinancing is proving your income. Your verifiable income is one of the greatest determining factors when it comes to securing any kind of financing. If you’re on someone’s payroll, start gathering your W-2’s now.
If you’re an independent contractor, your 1099’s will be your savior here. Also, any receipts of your payment, particularly from the past 90 days, are a big help. Balance sheets, returns from previous years taxes, and more also come in handy.
2
Your Assets are a Major Help
Your assets are also a major consideration for lenders. This goes beyond income, and proves your value as a whole. You can retrieve this information via your relevant bank statements, as well as from any ancillary accounts that hold value. This can include any successful investing efforts you’ve made, as well as anything you’ve put away for your eventual retiring.
3
Making Your Debt Work for You
People often look a debt as a bad thing. On the contrary, when managed correctly, your debt can actually make your more attractive to lenders. Showing that you have a history of consistently paying down your debts is a great start. Are you always paying more than your monthly minimum? This looks great to lenders. From auto loans, to lines of credit, and even your mortgage. It all helps you get the best deal available for your current standing.
4
What Does Your Insurance Ensure?
Last but not least, any insurance payments that you make can go towards getting you a better deal here. Whether it’s the insurance payments you make on your home, or even the results of recent appraisal. Each of these put you in a better position when applying.
How LeapFrog Can Help
Once you gathered each of these documents, now it’s time to find a lender. We recommend applying to multiple potential funding sources. This is the only way to know your best available deal option. That said, we’re confident you’ll find our specs to be fair and favorable.
Want to learn more? Contacting us is simple and quick. You can reach one of our lenders via our contact page, and get any outstanding questions you may have answered. There are already so many things to keep track of in life. With this in mind, your home shouldn’t be a source of stress. Get started with LeapFrog today.
