Loan Application Documents
Below are lists of commonly requested information you should expect to provide when you apply for your loan. You may be asked for additional documentation, depending on your situation.
- Pay stubs—Past 30 days' pay stubs with year to date information for all jobs and for each borrower
- W-2s—Past two years' tax forms
- Asset statements—Most recent two months' statements for any assets listed on the application, such as savings/checking/retirement accounts, 401k, etc.
- Copy of driver's license or government ID
- Proof of homeowner's insurance—Agent name, phone number and proof of insurance
Preapproval information collected
Personal information:
- Social Security number
- Date of Birth
- Email Address
- Phone Number
- Current Address
- Previous Address if you've been in your current residence for less than two years
Employment information:
- Employer's name and address
- Previous employer's name and address if you've been at your current job less than two years
Other income & expenses information:
- Gross income amount, including secondary income, if applicable
- Asset information, including the value of your banking, investment retirement and other accounts
- Current expenses, such as utilities, credit card and loan payments, child support and other obligations
Purchase borrowers—additional requirements
- Estimated down payment
- Estimated purchase price
- Address of property you're purchasing, if available
Preapproval borrowers can supply this information after they sign the purchase contract.
Discount points
Discount points, also called points, let you lower the interest rate on your home loan. When you buy a point, you are purchasing a lower interest rate. One discount point will cost you 1% of the loan amount.
Should you buy points?
You get a lower rate when you buy points but you also owe more at closing. So you'll want to make sure buying points makes sense for you over the long term.
Thinking about buying points? Ask yourself:
- How much will discount points add to my closing costs?
- How much lower will my monthly mortgage payment be if I purchase discount points?
- Will you be in your home long enough to break even?
See how points could lower your mortgage payment:
| 1 point purchased | No points purchased | |
|---|---|---|
| Months Required to Break Even | 34 | n/a |
| Purchase Price | $250,000 | $250,000 |
| Down Payment | $50,000 | $50,000 |
| Loan Amount | $200,000 | $200,000 |
| Interest Rate | 4.25 | 4.75 |
| Points Paid to Lower Rate | 1 | 0 |
| Closing Cost for Points | $2,000 | $0 |
| P & I Payment | $984 | $1,043.29 |
| Monthly Payment Reduction | $59.41 | $0 |
If this homeowner bought 1 point, it would take 3 years to break even. Find out how long it will take after you refinance to break even.
To find out how much discount points can reduce your rate, please call a Loan Specialist:
1-877-941-4622 see hours of operation.
About closing costs & fees
When you close your loan, you will sign your paperwork, pay any required fees and collect the keys to your new home.
The mortgage fees you need to pay at closing will be included in your Good Faith Estimate. These fees, also called settlement or closing costs, include the costs to approve the loan, fees to transfer the property's ownership and state and local taxes.
Typical mortgage costs & fees
| Fee | What it's for | Charged by |
|---|---|---|
| Appraisal Fee | Cost to have an independent appraiser determine the property's value. | Third party |
| Attorney fees | Fees to transfer the property's deed to the buyer and pay outstanding taxes, utilities and remaining closing costs. | Attorney |
| Closing fee | This fee it typically paid to the title company or attorney for conducting the closing. | Closing agent or attorney |
| Credit report | Fee your lender charges to pull and review your credit report. | Credit reporting agency |
| Deed recording | County clerk's fee to record the deed, the mortgage and to transfer the property tax billing information to the buyer. | Local Government |
| Discount points | Charge for points purchased to lower an interest rate. | Lender |
| Document preparation fee | Fee to prepare the documents required to close a loan. | Lender or a Title company |
| Flood certification - life of loan | Cost to have your lender track any changes that may occur to your property's flood zone status over the life of your loan. | Third party |
| Flood determination fee | Cost for a flood determination company to tell your lender whether or not your house is located in a flood zone. | Third party |
| Home and pest inspection fee | Cost of inspection to ensure the property is structurally sound and free of termites and other destructive pests. | Third party |
| Homeowner's and hazard insurance fee | Prepayment for 1st year of home insurance, which is required to cover the property if it is damaged or destroyed. | Third party |
| Lender's title insurance | Insurance fee to protect the lender from damage or loss if there is any problem affecting the property's title, such as a lien or claim against it. | Title company |
| Mortgage recording charges | County clerk's fee to record the mortgage and to transfer the property tax billing information to the buyer. | Government |
| Origination Fee | Administrative fees for evaluating, processing and approving a loan. | Lender |
| Owner's title insurance | Insurance to protect you (the policy holder) from damage or loss if there is any problem affecting the property's title, such as a lien or claim against it. | Third party |
| Prepaid interest | Interest you pay on your loan from the day you close to the date of your first scheduled mortgage payment. | Lender |
| Private mortgage insurance (PMI) | A monthly fee you may incur if you make less than a 20% down payment on your loan. PMI protects the lender if you default. | Insurance company |
| Processing fee | Cost to process documents such as application and credit report. | Lender |
| Property taxes | These include school, municipal and/or other taxes required by the government. Taxes can be paid by the lender through funds accumulated in an escrow account or the borrower can pay them directly in full on their due date. | Government |
| State tax/stamps | Tax charged by state or local governments for securing a loan for a property. | Government |
| Survey fee | Covers the cost of a property survey to define the property's size and boundaries. The survey also ensures that there are no easements or encroachments that might affect the legal title. | Third party |
| Tax service fee | Fee paid to your loan servicer to set up and service your escrow account. | Loan servicer |
| Title insurance | Insurance to protect you (the policy holder) from damage or loss if there is any problem affecting the property's title, such as a lien or claim against it. Separate policies are usually issued to the lender and the borrower. | Third Party |
| Transfer taxes | Tax charged when a real estate title is transferred from one owner to another, from the seller to the buyer. Transfer taxes vary by state. | Government |
| Underwriting fee | Fee to have an underwriter, or risk assessor, evaluate your loan application and determine if it is approved. The underwriter reviews your credit report, employment history, financial documents and appraisal. | Lender |
About These Rates
Loading...
Good Faith Estimate
What it is
The Good Faith Estimate (GFE) is a document your lender will send you that shows your estimated closing costs. Your GFE will be mailed to you within 3 business days after you apply for a loan, as required by the Real Estate Settlement Procedures Act (RESPA).
What's in it
Your GFE contains, among other items, important dates related to your loan application, escrow account information, and an itemized list of all the estimated loan and settlement charges (or closing costs).
Learn more about closing costs.
The GFE also includes a chart to compare GFEs from other lenders so you can shop for the right loan for you.
How to use it
Your GFE is both an estimate of how much money you'll need to bring to closing and a great mortgage shopping tool. Closing costs can vary by lender, so it's wise to compare GFEs from at least two different lenders. Review your GFE and ask your lender about anything you don't understand.
See a sample Good Faith Estimate.
Remember; your GFE is only an estimate. Your final closing costs may be higher or lower than your GFE, depending on your loan program, terms and the interest rate at which you lock your loan.
So how will you know what you actually have to pay? That's all in your HUD- 1 statement.
HUD-1
What it is
The HUD-1 Settlement Statement lists your actual costs and fees due at closing. You will receive your HUD-1 at least one business day before your closing date.
What's in it
Your HUD-1 lists every fee associated with closing your loan. It also includes a chart you can use to compare certain fees in your Good Faith Estimate with the actual closing costs in your HUD-1.
How to use it
Your HUD-1 is like a receipt of your mortgage loan transaction. Be sure to check your GFE against your HUD-1 and ask your lender about any discrepancies.
Refinance
Reasons to Refinance
Lower Your Payment
Refinance and your monthly payment could drop, which could mean interest payment savings over the life of the loan. Check today’s rates or use the Custom Rate Calculator to see how much you could lower your payments.
Cash Out
Refinance and get cash to pay for college, home improvements, consolidating debt, and much more. Find out what loan programs may be right for your cash out needs.
Switch to a Fixed Rate
Get the stability of the same principal and interest monthly payments. If your Adjustable Rate Mortgage is set to adjust or the payments are too high, it might be time to look at a fixed rate. Find out if refinancing makes sense for you.
request a loanRefinance Mortgage Programs
Which loan program is right for you? See comparison chart
Fixed Rate Mortgage View Details »
The most stable and straightforward loan to refinance your home.
- No principal or interest rate change
- Variety of discount points and rates
- Pick a popular term (10, 15, 20, 25, 30) or choose your own term (e.g. 17 years)
Adjustable Rate Mortgage View Details »
Adjust to a lower initial rate.
- Great rates
- Typically lower initial monthly payments
- 3/1, 5/1, 7/1 adjustable rate terms
FHA Loans View Details »
Government backed loan for homeowners looking to lower their rate or use their equity for cash out refinancing.
- Flexible income, credit, and down payment qualifications guidelines
- U.S. government insured
- Cash out up to 85% of appraised home value
- 10, 20, 30 year fixed rate term
VA Loans View Details »
Simplified refinance programs for veterans, reservists, and active-duty service members.
- Government backed mortgage program
- No mortgage insurance premium (MIP) required
- Flexible income qualifications
- 10, 15, 20, 25, 30 year fixed rate term
Jumbo Loans View Details »
Get a flexible loan for a larger amount loan.
- Competitive rates
- 10, 15, 20, 25, 30 year fixed rate term
- 3/1, 5/1, 7/1 adjustable rate terms
Home Affordable Refinance Program View Details »
HARP helps financially troubled homeowners make payments more manageable.
- Government backed program
- Low to no equity qualifications
- Opportunity to refinance to a more stable program
Refinancing Mortgage Rates
Get a custom rate
Use our simple Custom Rate Calculator to get an instant rate quote.
Refinance Calculators
Use our calculators to help you find answers to some common questions about refinancing.
Adjustable Rate Mortgage Calculator
See how the rate adjustment can affect your monthly payment.
Refinance Breakeven Calculator
Find out how long it will take after you refinance to break even.
request a loanThe Refinance Process
Refinancing a home is a big decision. Let us help you understand how it all works. From applying for your loan to the closing process, we give it to you straight.
- What are the steps
- Who does what
- What documents do I need
Our experienced Loan Specialists are licensed in your state and are ready to walk you through the loan process. Call now: 1-877-941-4622, see hours of operation.
How the loan process works
- 1Get Ready
- 2Apply
- 3Get Approved
- 4Closing
FAQs
- Can I refinance if my home has lost its value?
Yes. Even if your current mortgage balance is more than your home is worth, you may still be able to refinance and lower your monthly payment. To find out if you qualify get started online now or call your Loan Specialist at 1-877-941-4622, see hours of operation.
- What if I’ve fallen behind on my payments?
We’ve helped thousands of homeowners get the home loan assistance they need. We can help you find a program that fits your particular situation and see if you qualify for a refinance, loan modification, or other home loan assistance program. To learn more visit Help for Homeowners.
- What are the benefits of refinancing?
Refinancing has many benefits, depending on your financial goals. You can refinance to lower your rate, pay off your loan sooner, get cash out of your home to pay for a big purchase (i.e. education or home improvements), or switch from an Adjustable Rate to a Fixed Rate.
- What are the closing costs involved in refinancing?
The closing costs when refinancing are often similar to when you purchased your home. These costs typically include lender fees and third party fees, such as for an appraisal and title insurance. Learn more about mortgage fees or call your Loan Specialist at 1-877-941-4622, see hours of operation.
- Do I need to get an appraisal when I refinance?
Yes, in most cases, you will need an appraisal. If you have specific questions about the appraisal requirement, call a licensed Loan Specialist now: 1-877-941-4622, see hours of operation.
- What is a cash out refinance mortgage?
Cash out refinancing is simply borrowing money from the equity in your home based on its value. For example, if your home is valued at $100,000 and your current mortgage balance is $50,000, you could take $20,000 cash out when you refinance, resulting in a new mortgage balance of $70,000.
- Can I refinance if I have “bad credit”?
Even if you have had credit problems, you may be able to refinance. Get started online or call us now at 1-877-941-4622, see hours of operation to learn about your options.
Custom Rate Quote
Help for Homeowners
Find out if you qualify for a refinance, loan modification, or other home loan assistance.
Which loan is right for me?
Take our short quiz to determine the right loan option and get started.
