Refinance Rate & Term 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 Purpose of Refinance: State clearly in your loan request that the refinance is for rate and term to low the payment, low the current rate, to change the current loan program and term or to consolidate of all other loans and debts. If the purpose for refinance cash-out, click here for refinance cash-out guidelines.
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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