Loan Checklist


Refinancing Tips
By Sandy Sarconi

The loan process can be tiresome. However, if you are prepared the process can be streamlined. Please locate the documentation below and have it ready to fax when your loan officer requests it. You will need to make copies of the following for processing your loan.

  1. Declaration page of Home Owners' Insurance Policy
  2. Drivers License and Social Security card
  3. All pages of the Promissory Note on your current 1st mortgage
  4. Mortgage Coupon or copy of your Monthly Mortgage Statement (for both 1st and 2nd mortgages)

Income Documentation

For hourly or salaried employment, please copy the following documentation: Original W-2 for the last 2 years Copy of original paycheck stub showing year-to-date income (1 month worth of pay-stubs)

For borrowers who are self-employed please provide the following information: copy of last 2 years, 1040’s federal tax returns, year-to-date profit and loss statement, copies of the last 3 months of personal bank statements, and W-2 or 1099 for the past 2 years. (if applicable)

For Retirement Income please copy the following information: copy of social security award letter, and copies of the last 2 years of 1099's.

For Rental Income please copy the following documentation: Copies of lease or rental agreement for all properties (1 year), and complete tax returns for previous year (including Schedule E)

Other Income please copy the following documentation: For child support, alimony or separate maintenance, provide the following information: 1-year history of receipt & 3 months bank statements, copy of the fully executed divorce decree, if applicable, and evidence of 3-months to 1 full year of receipt of payments.

Asset Documents please provide the following documentation: We will need 3 most recent account statements for all checking, savings or other asset accounts.

Purchase Loans please provide the following information: The underwriter will request a copy of the fully executed purchase contract. In addition, they will want a rental history for the last 24 months. (if you are a first time home-buyer)

*Additional loan documentation may be required.

Sandy is an experienced account executive with Irwin Home Equity. In addition, Mr. Sarconi is a respected free-lance writer who produces many refinance and second mortgage related articles for the Mortgage Loan Outlet & Second Mortgage Loans. If you need more information or current home equity rates, please visit the Home Equity Loan Mart.

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