Refinance Cash-out Loan: Required Information for Initial Review
1. Credit Reports: Submit the credit reports If already run by other or credit authorization signed by the customer at the same time of your loan submission request so we can qualify your loan.
2. Current Loan Balance : Add all existing liens of the subject property including 1st loan, second loan, or any line of credit, etc.
3. Property Value: Ask the owner for the estimated market value if they would know. If the property has already been appraised, provide the appraisal value.
4. Property Type: Ask the owner for the type of the property which is single family, income units or the occupancy . The loan program and qualification is different based on the type of the property.
5. Property Occupancy: Ask the owner for the type of occupancy which is owner occupancy, tenant or other.
The loan program and qualification is different based on the occupancy type of the property.
6. Documentation Type: State clearly in your loan request that loan qualification for: Full Documentation verification, Stated Income verification of asset, or Stated Income-Stated Asset (stated-stated).
7. The Refinance Cash-out Purpose: Write down the amount of cash-out request in the loan submission and if the cash-out is to consolidate debts, car loan, credit cards or other loans, please let our representative know so your loan can be qualified easier.
Note: The loan qualification of rates, terms and programs are different based on all above so please provide all detail information. The complete loan package must be submitted includes 1003, loan disclosure, etc.. in order to process for final approval and loan docs. Please refer to the loan application checklist for required document.
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