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How to Refinance: What Will I Need When I Refinance My Mortgage?

by Gabriel  Traverso
Mortgage Directory Columnist

You probably remember everything you went through when you first bought your home: all the questions, reams of paperwork, and digging up your financial records. Applying for a mortgage refinance is very much the same, with a couple of extra steps.

Mortgage Refinance: What is Needed?

In addition to the information you provided when you initially bought your home, your lender also needs to know the value of your home, your current financial situation, as well as how much equity you have in your home. Here is a list of some of the items you need to provide to your lender when you apply for your mortgage refinance:
  • Proof of debts and assets
  • Verification of your income and employment
  • Verification of your current monthly mortgage payment
  • Property taxes owed and private mortgage insurance details
  • Documentation of the outstanding balance on your mortgage
  • Bank account information, including savings and retirement accounts
  • Your current lender's contact information, if you are not planning to refinance with the same lender

Closing Costs and Expenses for a Mortgage Refinance

In addition to the above details, your lender also needs to arrange for a title search on your home and obtain a copy of the site survey and an appraisal on your home and all of these costs will be reflected in the closing costs of your refinance. Other fees might include application, title insurance, or loan origination fees. When you apply for your refinance, make sure to ask your lender if any of the closing costs are negotiable or can be waived.

Not All Mortgage Lenders Are the Same

Some lenders may offer you a better deal than others, depending on the kind of mortgage you want. Some lenders might have different options, such as financing the closing costs or no income verification. As you go through the refinance process, make sure to ask plenty of questions and to make sure you get a good deal, get a loan offer from at least two lenders.

About the Author
Gabriel Traverso is a freelance writer, independent musician, and artist. He resides in Reno, NV.

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