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Refinancing? Get your paperwork ready

By Holden Lewis ·
Wednesday, May 26, 2010
Posted: 4 pm ET

You want to refinance, eh? In tomorrow's mortgage analysis, I'll have some tips for refinancing mortgages. I'll lay one on you now: Get your paperwork in order.

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.

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Holden Lewis
May 26, 2010 at 7:42 pm

Your broker called. He wants those things back.

Actually, he says you can keep the Rangers tickets.

May 26, 2010 at 7:09 pm

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

May 26, 2010 at 4:47 pm

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?