Tag: refinance

How a Refi Can Help You Care for Aging Parents

No one likes the idea of sending their parent away to a nursing home to be surrounded by strangers all day. But is there anything else that can be done? Maybe you want to have them live with you in a spare bedroom. But what about the cost of upgrading your home to meet their needs and disabilities? Some of the changes don’t come cheap! So if you haven’t saved up, what’s a caring child of aging parents to do?

One option you could explore is refinancing your mortgage to finance home improvements. A cash-out refinance would allow you to get a great deal of money for renovations to provide the best home environment for an aging loved one.

Cashout Refinance for Home Improvements

How easy is your home to navigate for an elderly person? Are there steps at the entrance? Are the railings easy to grasp? Can your entryways become slippery when wet?

If you want to upgrade your home so an older parent can live with you, consider these three important upgrades: mobility, dexterity, and hygiene.

Mobility. It’s important that steps become ramps, handrails are placed in key areas (like bathrooms), and things your parent needs the most are easily accessible. For example, it’s a good idea to have their bedroom close to a bathroom they can use. Hallways and doorways need to have proper and current lighting so they can see obstacles in their way. Stairways can be upgraded to have chair lifts to reduce the risk of falls.

Dexterity. This might seem trivial, but as we age, our hands aren’t what they used to be. Does the oven get stuck, or is the freezer hard to pull open? Does the coffee maker need to be upgraded to decrease the amount of steps your parent needs to make if they want a cup? Upgrading cabinets with more lazy susans or putting more pantry items at eye-level can increase their comfort.

Hygiene. Bathrooms can be a potential disaster when it comes to the elderly and the potential for falls. Including non-slip mats in and around a bathtub or shower, hand rails by the toilet, and curbed or walk-in/sitting tubs can reduce that risk. Keep in mind, removing your existing tub and purchasing a more elderly-friendly tub can be expensive.

Some of these renovations can add up to thousands of dollars or more, depending on how many changes your home needs. But who can put a price tag on keeping a family member at home, rather than at a care center? With that in mind, here are a couple of options: 

Cash-out refinance. You refinance your home for more than it’s worth, and the money you’ve put into the original mortgage is available to use as cash. This is a more advantageous option than a second mortgage, because you still only pay one loan and it often comes with a lower rate than a second mortgage.

Cashout Refinance Alternatives

Alternatives to doing a cashout refinance may be a Home Improvement loan or a Reverse Mortgage. These are unique loan options that can be used to finance the costs of home renovations.

HomeStyle Renovation Loans

Our HomeStyle Renovation Home improvement loan may be a great fit to allow you to finance the costs of home improvements into your mortgage. This program is a conventional home loan that is different from standard mortgages because it uses the future improved value.  The appraiser will prepare your home appraisal valuation based on similar homes that have sold with the amenities and improvements that you are planning. You can still avoid PMI if your loan-to-value is under 80% although this loan option allows up to 95% financing for primary residences.

Reverse Mortgage for Home Improvements

A reverse mortgage loan may be another great solution for the elderly to improve their home’s safety and accessibility. A reverse mortgage is a loan type that allows homeowners to access the equity in their home without having to make monthly principal and interest mortgage payments. At the closing they may be able to receive a lump some in proceeds which can be used to pay for home improvements.

If you are serious about upgrading your home, contact us at Riverbank Finance (800-555-2098) so we can help you find the best way to afford the renovations you need.

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Will changes to HARP hurt or help mortgage seekers?

If you’re seeking to refinance after October 1, 2017, you should know there are some changes coming from Freddie Mac regarding HARP. HARP, or the Home Affordable Refinance Program, is in the waning years of its existence, which is a good thing. How Freddie Mac is changing, in relation to HARP, could be a benefit to those seeking to refinance.

History of HARP

Back during the 2008 Housing Crisis, there was an overabundance of homes that were going under and being repossessed. One reason was because homeowners, who had a home with a LTV (Loan to Value) of over 80%, couldn’t refinance.  Because they still owed 80% or more of the loan, no lender would allow them to refinance. So they were stuck paying a big loan with huge interest rates.

Enter HARP. Harp allowed these homeowners a chance, through Freddie Mac, to refinance their loan and get a lower interest rate with more affordable payments. This allowed homeowners who were in over their heads with their mortgage a solution that didn’t cost their home.

Why the Change?

HARP was never created with the intention of staying around forever.  In fact, one requirement of HARP was that the loan had to be older than 2009 for the homeowner to qualify. Since then, the number of applicants has dwindled, as there are fewer mortgages from before that period in need of HARP.

The good news is both Fannie Mae and Freddie Mac are starting new programs to help homeowners who are underwater with their mortgages. No program existed before 2008. Since then, the government has seen the value in allowing more homeowners options to keep their homes.

Freddie Mac is replacing HARP with what is being called the Relief Refinance Mortgage. One key difference is that there is no requirement that the loan must originate before 2009. So if the loan is more recent, a homeowner can take advantage.

Do you Qualify?

Homeowners could qualify for a Relief Refinance Mortgage if they meet the following requirements:

  • The mortgage must be at least 15 months old.
  • The borrower should not have any delinquent payments in the past six months.
  • They can only have one delinquent payment in the past year.

 

Keep in mind, those three requirements aren’t the only ones, but they are the biggest obstacles to qualifying for the Relief Refinance Mortgage, according to Freddie Mac. Homeowners who do meet those qualifications can contact a Riverbank Finance Loan Officer (1-800-555-2098) for more information about getting relief in the form of a refinanced mortgage.

 

How can I lower my monthly mortgage payments?

So, you’ve had a home for awhile, but you feel like your budget is just too tight. You scrimp and save, but it’s never enough. If the biggest expense you have is your mortgage, maybe it’s time to refinance your mortgage.

Refinance to a lower rate

Rates are very low. Right now, for a 30-year mortgage, the fixed rate can be as low as the high 3’s to low 4’s. Fifteen-year loans may even be in the high 2’s. Refinancing may be a great way to lower your overall mortgage payments by dropping your interest rate. This could help to save you thousands over the life of your loan. If your interest rate is over 4.5% now is a great time to review refinance options.

Drop your PMI

The only type of mortgage where Private Mortgage Insurance (PMI) drops off when you have 20% equity is the Conventional loan. Other types of loans, like the FHA, require PMI for the life of the loan. PMI usually costs 0.5 or 1% of the entire loan. It protects the bank from defaults. For you, it’s an extra cost — one that, once you’ve paid off 20% of the original loan value, you can refinance to remove. While it may not seem like a lot of money, 1% of a loan over the life of a 30-year mortgage can really add up over time. 

Extend your mortgage term

One reason folks often have trouble paying their monthly mortgage is that they think that a 15-year term is better than the 30-year. While it’s true that a 30-year mortgage takes longer to pay off, the monthly payments are lower. If your goal is a lower monthly budget, switching from a 15 to a 30-year will certainly do the trick. The only downside is the term of the loan is longer if you pay the minimum payments.

Also, if you already have a 30-year mortgage and refinance to a new one, you could still reduce your monthly payments.

Refinance from an FHA loan to a Conventional loan

You may have started with bad or low credit when you initially bought your house and had an FHA loan as the result. Or maybe you didn’t have enough money for a larger down payment. As your credit improves, you could have an opportunity to refinance your loan to a conventional mortgage. There are two advantages when refinancing an FHA to a Conventional loan: First, you could get rid of the Private Mortgage Insurance payments if you’ve paid 20% of the mortgage. Secondly, the interest rates for a Conventional loan may be lower than they are for FHA loans.

If you are thinking about refinancing your mortgage, contact one of our professional loan officers at 800-555-2098 to schedule an appointment. We can sit down and look at your financial situation and help you figure out the best way to lower your monthly mortgage payments.

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You’re recently divorced. Can you buy a home?

So, the marriage is over. Does that mean your dream of owning a home is, too? The short answer: No! You can still get a loan, as long as you keep in mind the following:

Keep Good Records

This is usually a good practice to have for any person, but especially true if you are recently divorced and are buying a home. Make sure you also keep your records updated. Keep a copy of any checks you’ve paid to show that you’ve paid your debts and bills in time. Any new addresses or changes in income also need to be recorded for when you meet with a loan officer.

Behave Yourself

The urge to “get back” at the ex is not uncommon, but very bad if you’re trying to get a loan. A new criminal conviction (for verbal threats, violence, or slashing tires) will definitely hurt your chances. A more common and petty way that spouses get revenge are things like not paying a bill at the home you no longer occupy or using the credit card in excess to hurt your ex’s credit. Typically, that hurts both of you and could also count as FRAUD. Don’t do it!

Pay Your Bills

If you are legally obligated to pay a bill, alimony, or a rental agreement, do it. If you feel the child support is too high or unfair, pay it anyway. Failing to pay those hurts your credit and makes you look like a bad investment. So, it’s always good to make sure that all bills are paid on time.

Know Your Worth

Properties or vehicles that need to be sold, spousal support, and child support can all help you get a mortgage if you benefit from them. You can count spousal and/or child support as income toward paying a mortgage. So, while you might be going from a two-income household to one, it may not be as bad as you fear. (Side note: it’s always good to inform the lender how long you expect the child support income will last.)

Be Vigilant

Even though you might behave yourself, your former spouse might not. Check your credit score to make sure they don’t make charges in your name. As much as it is in your power, be sure any payments the ex makes, per the divorce settlement, are in time.

Explore Your Options

Moving out of a shared home that you love doesn’t have to be the solution. If you and your ex agree that you can keep your current home, refinancing options are available that can separate a joint loan. Speak with one of our experienced loan officers today about this and more options for divorcees.

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Loans for Veterans

Three years after the Civil War ended, Memorial Day was established to honor our veterans on the last Monday of May every year. But that’s not the only thing the US Government has done for veterans. Started in 1944, the VA Loan program makes the burden of getting a mortgage easier for qualifying veterans and surviving spouses.

No Down Payment Mortgage

One hurdle home buyers often face in getting approved for a mortgage is the seemingly insurmountable down payment. However, if you’ve served our country in the armed services, you don’t need a down payment! Traditional mortgages can require up to 20% for a down payment. That is a potentially huge weight off a buyer’s shoulders!

It Gets Better for Veterans

VA Loans have other added advantages over conventional financing. The loans are backed by the US government. That benefit is especially helpful for veterans with bad credit. A buyer can have a credit score as low as 580 and still get approved.

Another benefit of the loan being government-backed is that it doesn’t require private mortgage insurance (unlike FHA loans). Any other kind of loan, with less than a 20% down payment, must have Private Mortgage Insurance. PMI protects the lender in case of a default, but in a VA Loan, the government acts as the insurance.

Use our VA Mortgage Calculator to estimate monthly payments.

Sign Up, Soldier!

So how do you get a VA mortgage? The first step is to get a Certificate of Eligibility from Veterans Affairs (We can do this for you with a quick phone call), to show that you are eligible for the program. Once the certification is received by a loan officer and processed (most are instant however manual COE’s can take 5-10 business days), the loan goes for pre-approval. You could qualify for up to a $453,100 loan. Your dream home might be more within reach than you think.

Riverbank Finance offers both 15 and 30-year VA Loans. We can review the benefits of both VA loan terms to find the right fit for your family. Apply for a VA Loan online or in person at our office. Our offices are also handicap accessible making it easy for disabled vets.

VA Refinance Loans

If you already own a home and qualify for a VA Loan, you also can benefit from refinancing through VA Loans. Like other VA Loans, this program was set up with easier qualifications and benefits than a traditional loan. For refinancing, this means that you can cash out up to 100% of the value of your home. So if you haven’t taken advantage of VA Loans in the past and have a remodeling project you’ve been putting off, now is the time. These are benefits you earned for serving our country. Use them!

We, here at Riverbank, are thankful for our armed service members. We feel honored every time a veteran seeks a loan through our services and strive to make the process as easy as possible.

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Fannie Mae Relaxes Guidelines for Student Loan Debt

For homebuyers who have been denied for a mortgage due to student loan payments, relief may be in sight. As of April 25th 2017, Fannie Mae is relaxing rules on the amount of student loan debt a mortgage seeker can hold for Conventional mortgages.

Previously, Fannie Mae guidelines required lenders to count at least 1% of their student loan debt as a payment in order to qualify for a home loan. According to Fannie Mae, seven in every 10 graduates of public and non-profit colleges have student loan debt. The result is that 44 million Americans have student loans they are paying off. According to Fannie Mae’s press release, the average amount of student loan debt for one graduate is $34,000. Based on the previous calculations this would prevent many college graduates from becoming homeowners.

Fannie Mae changed the rules so that lenders can look at repayment plans that are INCOME-BASED instead of the 1% rule.

RELATED ARTICLE: Buying a Home with Student Loan Debt

Income Based Repayment Plans for Student Loans

Going back to that average of $34,000, a graduate paying off their student loans the old way would have to pay $340 per month, or 1% of the loan, to be approved for a mortgage. Depending on the kind of job they have and their other expense needs, that may not be reasonable. So now, lenders can see that they are paying what they can AFFORD based on their income, which can be LOWER than the 1% without hurting their odds of approval.

This is good news for college graduates who still have student loans and are looking to get approved for a mortgage. If you’d like to start that process right now complete our online mortgage application.

Good News for College Loan Debt Consolidation:

In addition to this news, home owners who are seeking to reduce their overall debt can refinance their home loan at a lower rate, cash it out, and pay off their student loans with the cash that’s available. According to Fannie Mae, the changes mean:

  • Lenders can offer homeowners, who have at least 20 percent equity in their homes, a cash-out refinance to pay off one or more student loans.
  • Borrowers will have an opportunity to convert higher interest rate student debt to a lower interest rate and potentially reduce monthly debt payments.
  • When at least one student loan is paid off directly to the student loan servicer and delivered to Fannie Mae, they will waive the loan-level price adjustment making mortgage rates lower than standard cash-out refinancing.

Buying a Home with Student Loans and a Low Down payment

These new changes compliment other Home Loan programs for first time home buyers with down payment options such as the Conventional 1% Down Mortgage.  Because this low down payment home loan is a Fannie Mae product, buyers can now used income based repayment plans for their student loans to qualify for financing.

This popular mortgage program is a great fit for recent college graduates that have not had an opportunity to save for a large down payment to become a home owner. Many millennials are choosing to take advantage of these programs to own rather than rent which builds equity and offers tax advantages over renting.

Contact us at (800) 555-2098 to schedule a consultation with one of our loan officers, or apply below to request information for a home loan

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How to Get Rid of Mortgage Insurance

How to Get Rid of Mortgage Insurance

So you want to break up with your monthly mortgage insurance—we don’t blame you! When you purchased your home, there’s a good chance you didn’t have 20% to put down, right? Mortgage insurance is a great option, in that it allows buyers to increase their purchasing power, but comes with an unfortunate side effect of additional monthly fees.

Every situation is different, so it is important to understand your loan, to determine your options for dropping your mortgage insurance. Below are the greatest factors affecting your ability to say “Sayonara” to your mortgage insurance (MI).

• Type of mortgage insurance you’re paying
• Which lender holds your loan
• Age of your loan (time since closing)
• Your loan-to-value ratio (LTV)
• The property type
• Whether or not your property value has increased

Types of Mortgage Insurance

If you’re paying a monthly fee on a conventional loan, it is called private mortgage insurance (PMI). If you paid an upfront fee at close and a monthly fee on an FHA loan, it is called a mortgage insurance premium (MIP).

Who Owns Your Loan?

If you have a Conventional loan, is it Fannie Mae or Freddie Mac? This is important because they have different rules for when MI can be removed. If you have an FHA loan, you will need to know its age and the percentage of down payment you gave at close.

What is Your LTV?

The Loan-to-Value ratio is essentially the financed amount divided by your home’s value, expressed as a percentage. Let’s say for example that you purchased your home for $200,000 with 10% down ($20,000). You financed $180,000 of the $200,000 purchase price, which gives you a loan-to-value ratio of 90%. Your LTV will decrease as you make payments, as well as when your property value increases.

Has Your Property Increased in Value?

If you’ve made considerable improvements to your home, it has probably gone up in value! You’ll need to order a new appraisal to confirm the updated value, which generally costs between $400-$600 out of pocket.

Related: Refinance Your Home Without an Appraisal

Canceling MIP on your FHA Loan

If you closed on your loan on or after June 3, 2013 and you put less than 10% down, MIP can never be removed. With a down payment of 10% or more, you’re still required to pay MIP for a minimum of 11 years. If your loan closed before that date, your MIP will be automatically cancelled when your LTV reaches 78%, but only after you’ve paid the MIP for a minimum of 5 years, and only if you have not had any late payments in the last year. In most cases, the only way to stop paying MIP on an FHA loan is to refinance your mortgage.

Canceling PMI on your Conventional Loan

Ditching the PMI on a conventional loan is easier and more flexible than on an FHA loan. Your MI will be cancelled automatically as soon as your LTV reaches 78% OR when you reach the midpoint of your mortgage (15 years into a 30 year mortgage). Again, you must be current on your payments for the cancellation to occur.

If you pay close attention to your mortgage statements and are anxious to kick your MI to the curb, you can request cancellation once your LTV reaches 80%. It is also important to note that while Fannie Mae allows homeowners to make extra payments to get to 80% LTV faster, Freddie Mac does not.

As mentioned above, if you’ve made considerable improvements to your property, you may be able to remove PMI much sooner. You’ll need to order a new appraisal to document all improvements, but as long as your LTV is below 75% or less (for Fannie Mae) or 80% (for Freddie Mac), your PMI will be removed!

Have a specific scenario you’d like to run past us? Give us a call to speak with one of our licensed loan officers. We would love to recommend the best loan program for you and your situation.

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To apply for a Mortgage or Refinance call Riverbank Finance today at 1-800-555-2098.

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Refinance Your Home Without an Appraisal

Refinance Your Home Without an Appraisal

Soon, homeowners will be able to refinance their homes without an appraisal! Beginning December 10th 2016, Fannie Mae will offer an Enhanced Property Inspection Waiver (PIW) for ONE-IN-FOUR transactions.

What is a Property Inspection Waiver?

A Property Inspection Waiver is Fannie Mae’s offer to waive the requirement for an appraisal on certain refinance transactions. It is unclear at this time whether or not purchase transactions will be offered a PIW, but more information will be released as the launch date approaches.

“When a DU loan casefile receives a PIW offer and it is exercised by the lender, Fannie Mae accepts the value estimate submitted by the lender as the market value for the subject property.” -Fannie Mae

To exercise a PIW offer, the lender must provide a Special Feature Code and the borrower must pay a $75 fee at time of loan delivery to Fannie Mae. This $75 PIW fee provides a desirable alternative to traditional appraisals, which carry an out-of-pocket cost of $400-$600 to the borrower.

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Related: Refinance your FHA mortgage without an appraisal 

What is the Benefit of a Property Inspection Waiver?

The Enhanced PIW provides many benefits to both the lender and the consumer, such as:

  • Provides a lower-cost alternative to a traditional appraisal
  • Shortens the loan origination process by removing the need to review an appraisal
  • Eliminates the expense of appraisal-related delays

Who Will Receive a Property Inspection Waiver?

Fannie Mae will use proprietary analytics and a large database of appraisal reports to determine the minimum property value for new loans. Not all transactions will receive a PIW offer—some will still require an appraisal to determine market value.

“PIW offers are issued through Desktop Underwriter® using Fannie Mae’s database of more than 20 million appraisal reports in combination with proprietary analytics from Collateral Underwriter® to determine the minimum level of property valuation required for loans delivered to us.” -Fannie Mae

What Transactions Are Eligible for a Property Inspection Waiver?

  • Single-Family Properties and Condominiums
  • Principal Residence, Second Home, and Investment Properties
  • Limited Cash-out Refinances up to 90% LTV (principal residences)
  • Cash-out Refinances up to 70% LTV (principal residences)
  • Approve/Eligible Casefiles

Have a specific scenario you’d like to run past us? Give us a call to speak with one of our licensed loan officers. We would love to recommend the best loan program for you and your situation.

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To apply for a Renovation Mortgage or Refinance call Riverbank Finance today at 1-800-555-2098.

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Need some extra money? Consider cash-out refinancing.

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Considering home renovations, debt consolidation or just need to get some cash in hand? A Cashout Refinance Mortgage may be the right fit for you. You can actually refinance your home mortgage for more than you owe and cash out the difference. It may seem like an easy way to get extra cash, but here’s what you need to know to decide whether cash-out refinancing is the best option for you.

Reasons for cash-out refinancing

Cash-out refinancing could help you save a lot of money. It’s always wise to calculate the potential savings with your goals in mind. Are you refinancing for a short-term or long-term reason? Here are some good reasons for cash-out refinancing:

  • Get Cash Back: Do you need to get cash for a special project, vacation, business, college or even vacation? Cashout refinance may allow you to access cash in the equity of your home to make it happen.
  • Home renovations: Cash-out refinancing would allow you to improve your home, and that would increase its value. For example, if you do a $20,000 cash-out refinance on a $100,000 home, you could potentially increase its value to $150,000 — for just a $20,000 cash out.
  • Debt repayment: If your student loans, second mortgage, or credit cards are high, you could do a cash-out refinance and pay off your debts with a lower interest rate. Plus, your credit will improve since you’re paying them off (even though you’re just transferring the debt to your home).

With that said, here’s why you can’t afford to miss out on cash-out refinancing:

1. Mortgage rates are at historic lows. If you bought your house in the 1990s, your mortgage rate may be as high as 7 to 10 percent. But now, mortgage rates have been hovering between 3-5% for many loan options. Now is the time, not only to refinance, but to cash-out. You’ll not only be able to keep your mortgage payments unchanged, but you’ll also be able to cash out at closing.

2. Home prices are increasing. If you choose cash-out refinancing, you still have equity in your home. The risk is not having enough mortgage paid off if home prices begin to dip in the future. That’s when you risk losing equity in your home, along with having a higher total mortgage to pay off. So, right now is a great time to opt for cash-out refinancing, as long as you can pay back the money you cash out in a reasonable timeframe.

3. Home equity can help remove PMI. If you originally put down less than 20% on your home when you first bought it, you’ve been paying private mortgage insurance to ensure the lender against default. Since home prices are increasing, your home equity may have increased. So even if you opt for cash-out refinancing, if your home equity is at 20%, you can drop your PMI payments.

When you decide cash-out refinancing is the right option for you, call Riverbank Finance at (800) 555-2098, and one of our licensed loan officers can help you get the process started. Whatever the reason for the cash out, we’re here to help you get what you need.

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How to Refinance a Home Loan

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Want to save money on your mortgage? Refinancing might be the best way to take advantage of the historically low rates. Depending on your goal, make make great financial sense to refinance your mortgage. Here’s what you need to know to make the best decision.

Benefits of Refinancing your Home Loan

Before you refinance your home loan, it is important to determine your financial goals. Do you want a lower interest rate? Do you want to change your adjustable rate mortgage to a fixed-rate mortgage? Do you want to pay off your loan in 15 years instead of 30? Do you want to lower your monthly payments? Did you know you can also refinance to consolidate a first and second mortgage? You can also extend your current loan to cash out if you want to start a business, help a family member in financial crisis, or go on an expensive vacation.

Do the math.

Ask your loan officer to help you figure out how much refinancing will cost you, and how much you’ll save over the long term. If refinancing will save you $200 per month, but you have to pay $2,000 in closing costs, you’ll break even in 10 months. How much longer do you plan to stay in the home? If you plan to stay there for more than 10 months, refinancing may be a good idea. If you’d like to move out sooner, the costs associated with refinancing may not be worth it. Also, if you lower your interest rate but extend your loan from a 15-year to a 30-year, you’ll lower your monthly payments but end up paying more interest over the life of the loan.

Talk to a loan officer to review your mortgage refinancing options.

If you decide refinancing is right for you, start by calling loan officer. He or she may be able to save you on closing costs and other fees by recommending a loan program specifically for your situation. Before you start the process it is important to do your research to find the best loan option to meet your goals. Do not just settle for what your current bank offers just because you have a car loan or checking account there; let your lender know that you’re shopping for mortgages so you can make an informed decision and perhaps he or she will find a way to offer a better deal.

Know your refinancing options.

Find out if you are eligible for any special refinance programs that may benefit you over the standard refinance mortgage. For example, if you currently have an FHA loan, you may qualify for an FHA streamline refinance, which would allow you to refinance with no appraisal, no income, and little to no closing costs. If you currently have a conventional mortgage, you may qualify for the Home Affordable Refinance Program (HARP), which may allow you to refinance, regardless of your home’s value, with no out-of-pocket costs.

Expect to gather documentation and paperwork.

Refinancing your home loan is a process that usually comes with a significant amount of paperwork to document your income assets and passed credit. Do not be overwhelmed by the request for documents with the current laws and underwriting guidelines. Even those with perfect credit have to provide the same documentation to get a home loan or mortgage refinance.

When you work out the details of your refinance mortgage, your loan officer will help you navigate the steps from initial loan consultation to closing. Be prepared to provide documentation, including driver’s license, social security card, one month of paystubs, two months of bank statements, past two years of W-2 statements, and your current mortgage statement.

Once you sign your application and send in the documentation, your loan officer will send in your file for underwriting, which may require additional documentation. You may also be required to complete a home appraisal. When you’re finally approved in underwriting, you’ll be cleared to close. Your loan officer will review the final figures, you’ll have to pay closing fees and documents, and then the process is complete.

Steps to Refinancing your Home Loan

1) Initial Mortgage Consultation
2) Sign application
3) Send required documents – (drivers license, social security card, 1 month paystubs, 2 months bank statements, past 2 years w2 statements, current mortgage statement)
4) Underwriting Process
5) Complete the Appraisal (if required)
6) Clear to Close – (once fully approved in underwriting your loan will be “Cleared to Close” and scheduled for closing)
7) Meet for the Home Loan Closing

For more information about what Riverbank Finance offers for refinancing, schedule an appointment with one of our loan officers by calling 800-555-2098 or fill out our online refinance application or by completing the form below.

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