In this crazy, competitive home mortgage market, rates are still at all time lows! If you are entertaining the idea of refinancing your current mortgage – now is the time to check with your mortgage lender. Your mortgage lender will run through several scenarios for you depending on your desire and need to refinance – and it’s all simply advice.
Remember, you can refinance for many different reasons. To save money, have more money to spend, take cash out to remodel or consolidate debt. It’s really a personal choice about your need or desire to refinance. Here are the most common reasons people will refinance.
- Lower current mortgage interest rate
- Lower monthly payments
- Lock into a fixed rate
- Change a fixed rate
- Refinance with cash out
- Stop paying PMI
So, while rates are historically low, it’s a smart idea to meet with your mortgage lender and review your options. A mortgage review is always wise, especially if you can save money or use your money to better meet your needs.
Anytime you meet with a mortgage lender to discuss a mortgage or a refinance it’s always smart to go prepared. Bankers like to see your financial history to make sure you have a history of paying your bills and to make sure you have proper income to pay your mortgage going forward. Providing financial documents will help your mortgage banker answer all your questions and give you the advice you will need to refinance.
Here are the documents you may need when applying for a mortgage refinance.
- 30 days of current paystubs
- Last 2 years of W-2s
- Last 2 years of 1099s
- Last 2 years of personal tax returns
- If self-employed, the most recent 2 years of signed Federal tax returns
- Homeowners insurance declaration page
- Billing statement for any existing mortgage
- Most recent bank statement(s) for all checking and savings accounts
- Most recent quarterly statement for all other cash asset accounts (401k, IRA, pension, etc.)
- List of credit bills with name of company, balance owed, minimum monthly payment.
- Copy of photo identification (driver’s license, state-issued ID, passport, etc.)
The mortgage bankers at Kalamazoo County State Bank are always available to present you with a mortgage review. Take advantage of this crazy, competitive market and check out your opportunity to save money or use your money a little differently. Call us at 269.679.5291 or visit us online at https://kcsbank.com/mortgages/.
Loans are subject to credit review and approval. Kalamazoo County State Bank is an Equal Housing Lender.
