Melissa Breeland

So many of you have inquired about refinancing, due to the fantastic rates available , I thought it might be a good idea to give you the list of needed items again. The more details your lender has the more options YOU will have. The sooner your lender receives these items the sooner YOU can start saving money!

Most can lock in your interest rate after receiving a good appraisal with enough value to be at least at (80% LTV on Conventional and 95% on FHA) and preliminary loan approval? Some can lock sooner. There are no LTV requirements to refinance a VA loan as long as you are not extracting equity.

Items needed for loan (refinance) approval;


1. Package from your last closing (package from Attorney should include; HUD, Mortgage, Note and an old appraisal)

2. Current mortgage statement (s)

3. Name and phone number of your current hazard insurance provider along with annual premium

4. Completed application -most Loan Officers can do this over the phone with you or direct you to a secure easy online application.

5. Current pay stubs for everyone on the loan (Not required on VA streamline refinances)

6. Last 2 years W2's for all those on the loan (Not required on VA streamline refinances)

7. Last 2 years complete tax returns (ONLY if self employed or you have multiple investment properties)-(Not required on VA streamline refinances)

8. Last 2 months complete bank statements and or quarterly investment statements - (Not required on VA streamline refinances)

9. Details regarding all properties your currently own if applicable (address, approximate current value, how much you paid when you bought the home, year purchased, annual taxes and hazard)-(Not required on VA streamline refinances)

10. Current property tax information.


Can your lender get by with less information? Sometimes...but you don't want to miss out on better loan options or reduced fees simply because we didn't have the necessary details.

As always, each loan is slightly different and each set of circumstances can be different so please consult your favorite trusted Loan Officer for specifics concerning your particular loan type and city or state requirements.


At Your Service,



Melissa "The Mortgage Maven" Breeland

1. Write your contracts clearly so they can be read by the Originator, Processor, Appraiser, Underwriter and Attorneys. Please provide all addendums and amendments to lender prior to ordering the appraisal
2. Be aware that all health and safety related items will need to be repaired by a licensed contractor PRIOR to closing. Some exceptions may apply.
3. Looking at condos? Make sure they are on the FHA Approved Condo List BEFORE writing up a contract. https://entp.hud.gov/idapp/html/condlook.cfm (Spot Loans are being done by some lenders.)
4. Some basics:
   1. 3.5% down payment required (must be buyers own money, a gift from a relative or SC State Housing Down Payment Assistance or Family Services Grant)
   2. Seller can contribute up to 6% towards pre-paids, closing costs and reserves...none of which can go towards the buyers down payment
   3. This is a "full doc" loan (W2's, Pay Stubs, Bank Statements and verifications required)
   4. Home must be owner occupied
   5. Schedule closings for the end of the month to save on interest for your buyer
   6. If the contract or addendums mentions a CL-100 or Home Inspection lenders are required to review it and provide to the appraiser.

*** Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Residential Mortgage has access to hundreds of loan programs. The programs and rates listed here are just the most popular. If you need something different please let me know and I will try to find it. I will beat or match any offer you bring me in writing from my competitors for all FHA, VA and State Housing Loan

At Your Service,

Melissa "The Mortgage Maven" Breeland

Residential Mortgage of SC

902 Savannah Hwy

Charleston, SC 29407

Best Phone: (843) 991-6532

Fax: (843) 725-2363

My Blog At ActiveRain

Twitter

*** Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Residential Mortgage has access to hundreds of loan programs. The programs and rates listed here are just the most popular. If you need something different please let me know and I will try to find it. I will beat or match any offer you bring me in writing from my competitors for all FHA, VA and State Housing Loan

At Your Service,

Melissa "The Mortgage Maven" Breeland

Residential Mortgage of SC

902 Savannah Hwy

Charleston, SC 29407

Best Phone: (843) 991-6532

Fax: (843) 725-2363

My Blog At ActiveRain

Twitter

DON'T FORGET TO GET YOUR BUYERS PRE-APPROVED BEFORE SHOWING THOSE PROPERTIES.

*** Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Residential Mortgage has access to hundreds of loan programs. The programs and rates listed here are just the most popular. If you need something different please let me know and I will try to find it. I will beat or match any offer you bring me in writing from my competitors for all FHA, VA and State Housing Loan

At Your Service,

Melissa "The Mortgage Maven" Breeland

Residential Mortgage of SC

902 Savannah Hwy

Charleston, SC 29407

Best Phone: (843) 991-6532

Fax: (843) 725-2363

My Blog At ActiveRain

Twitter