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Mortgage Refinance Loans Checklist for SoCal Homeowners

Posted by Summit Lending on December 29, 2017
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If you're thinking about refinancing your mortgage in SoCal, there are a few things to consider, and several steps to take if you decide to do it. Here's a checklist of items to gather if you're planning or considering refinancing your home in Southern California.

Deciding to Refinance Your Mortgage in SoCal


Plain and simple, the only reason to refinance your home, is if it makes good sense, and will help you to achieve your goals. However, goals may vary from person to person. Your goal may be to pay off your loan faster, so refinancing into a shorter-term loan may make sense. Another goal in refinancing is to reduce your monthly payments, by securing a lower interest rate loan. Other goals with a refinance may be to get cash-out, to use to pay off other debts, or other financial obligations. Yet another reason many homeowners in SoCal refi their mortgage is because an adjustable rate mortgage ARM is set to adjust.

All that to say, if refinancing your mortgage seems like it will help you to achieve your unique goal, it's time to speak with a top-reviewed SoCal mortgage broker. At Summit Lending in Orange County, we are happy to discuss your goals, provide you with answers to your questions, and guide you through the process of determining whether a refi is right for you. If you do find that refinancing your mortgage will be a good decision, you'll want to begin gathering the documentation you'll need to have your refinance approved. Here is a checklist of items you'll need to provide to your mortgage professional to successfully refinance your mortgage loan in Southern California.

Documents You Need for a Mortgage Refinance in SoCal


Once you've decided to refinance, you will need to gather up relevant information and documentation. This is because a refinance involves obtaining a new loan to pay off your existing loan. That means that the lender will need to verify certain details. Items you should gather as you prepare to refinance your mortgage include:
  • Pay Stubs
    If you're an employee, gather your most recent paystubs, extending at least two months. If you're self-employed, you're likely going to have to bank statements, or proof of deposits along with your federal income tax returns for the past several years.
     
  • Credit Report
    Your mortgage broker will obtain your credit for purposes of refinancing, but every American is entitled to a free report every year, so you may consider obtaining your own, before you meet with the broker, just so you have an idea of your score and status.
     
  • W-2 and 1099's
    You will be required to provide tax information, as further proof of your income and ability to repay the loan.
     
  • Statements of Assets
    Bank statements, investment account statements, retirement accounts statements, stocks, bonds, etc., are all considered assets. Gather statements from all accounts to provide to your mortgage broker.
     
  • Statements of Debts
    Student loans, car payment loans, and home equity lines of credit statements will be required for your refinance.
     
Lenders may ask for further proof of ability to repay the loan, but these five items will always be required, so it's in your best interest to begin gathering them, as you work towards refinancing your mortgage in Southern California.

At Summit Lending, we have decades of experience in helping homeowners to successfully refinance mortgages, in keeping with overall goals. Contact us today with questions or to begin your SoCal refi today.

As top reviewed mortgage broker and direct mortgage lender, Summit Lending provides low interest rate mortgage loans, including refinance loans, VA loans, first time homebuyer loans, FHA mortgage loans, conventional mortgage loans, reverse mortgages and more to homeowners and buyers in Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County, and Ventura County. Our experienced Huntington Beach based team has all the loan products available to meet your home financing needs, whether you're a first-time homebuyer or you've bought and sold multiple homes.

Summit Lending can be reached online, on Facebook, or via phone at 888-451-9006.