If you haven't got a mortgage loan in the last three more years, you're in for a surprise. The level of documentation required has gone up considerably. Before applying for the loan, assemble your last two to four pay stubs, your last two W-2s, and possibly bank statements and your last tax return or two. And prepare to sign IRS Form 4506-T, which allows the lender to get a transcript of your tax return, just to make sure you didn't submit phony documentation.
Refinancing? Get your paperwork ready
Your broker called. He wants those things back.
Actually, he says you can keep the Rangers tickets.
Should I refinance now or wait? I have a 30 year 7-1 arm now. My 7 year fix rate of 4.25% expires next year, June 2011. The arm is with Libor and margin 2.25 with the Cap of 2 and 5. My loan to value is 54% with credit 787. Loan amount 260k. I can get 20 year loan with no closing cost and 4.5%. Please reply. I need to make a decision soon although I have 12 months time left. thanks
Are you saying this time around my mortgage broker isn't going to provide me with an absurdly inflated appraisal, some fake W-2's, and Rangers tickets?