"What is the loan process for a California Refinance Mortgage?"
This is a great question that almost never gets asked. One of the most important things to remember is this: Every mortgage company has a different loan process. Never expect all companies to work the same and always ask what is the Loan Process.
There are some basic steps to obtaining a new California Refinance Mortgage, however each company performs each of these steps in their own way.
Basic Steps during a California Refinance loan process:
1. Quote: The first step is fairly basic and standard. Contact 4-5 companies for quotes.
2. Application: After talking with each company pick 2 you want to work with and apply for a loan. Why? Rates, terms and program guidelines change daily so you want to make sure you have some options open in case one company does not pan out.
3. Pre-Qualification: After the loan officer reviews your completed application, have them provide a complete disclosure package which will include a Good Faith Estimate. Ask each company what their process is for locking (When can you lock?) , approval (How long before full approval?) and closing (Estimated time frame to close the loan?).
4. Pick your lender and send in all requested documentation.
"What documentation will I need to complete the loan process?"
Again, ever mortgage is different however here is a basic list:
W-2 Employee
1. Previous years W-2
2. Last 2 pay stubs
3. Last 2 asset statements (checking account, savings etc.)
Self-Employed
1. 2-years of tax returns (all schedules)
2. Last 2 asset statements
Other items (for both W-2 employees and Self Employed) include:
1. Mortgage and Insurance statement
2. If the property is held in a Trust, a copy of the Trust.
3. Awards letter, if income is from Social Security or Pension.
There are times when you will not have to provide any income/asset documentation however since late 2007, that is a rare occurrence so it's best to be prepared.
California Refinance Mortgage California Real Estate Fixed vs. Adjustable Rates
