What You'll Learn
- In most cases, you’ll need to provide your lender with the same amount of documentation that you provided when you originally purchased your home
- How far back your documentation must go may vary by lender
The process of refinancing your loan is very similar to the homebuying process. You’re creating a new loan with new terms and your lender – whether you’re using your existing lender or a new lender – will require the same documentation and information you provided when you originally purchased your home.
If you’re refinancing through HARP with your current lender, you may have fewer qualification steps with less required documentation.
You’ll most likely need to provide your lender with the following documentation (the duration of documentation may differ from lender to lender):
- W-2s from the past year, perhaps two
- Pay check stubs from the past one to three months
- Proof of any supplemental income
- Tax documents from the past two years, including all pages and schedules
- If you are self-employed, it’s likely you’ll have to submit a current-year profit-and-loss-statement, among other documentation
- Checking and savings bank statements from the past one to three months
- Investment account statements – including 401(k), stocks, IRA and mutual funds – from the past one to three months
- Statements for all debts, including car loans, student loans, credit cards and your current mortgage
- Copy of your driver’s license
If you’re divorced, it’s likely you’ll need to provide a copy of your divorce decree along with associated alimony or child support documentation.
Always provide every page of every document. If a page appears to be missing from a numbered set – even if it’s blank or not necessary in your eyes – it is necessary for the bank.
Even if you’re working with your current lender on your refinance, you’ll need to provide all information and documentation outlined above
Your lender will need to know about every debt and asset you own when qualifying you for a loan