Refinancing Process

• Names, current addresses, Social Security Numbers for all borrowers
• Your previous addresses for two years
• Names and addresses of employers for the past two years
• You and your co-borrower's gross monthly income, including bonuses and dividend/interest income

• W-2 Forms: These allow the underwriter to scrutinize income and job history, which directly affect applicants' buying power and help reveal how great a risk they might be to the lender.
• Profit-and-Loss Statements (for the past two years): These help self-employed individuals substantiate their income. Gross income may appear low, but business expenses are often "written back" in tax deductions. Lenders usually require profit-and-loss statements, at least for the current year (year-to-date).
• Pay Stubs (one month's worth): These help confirm current income level and verify the applicant's employment. Upon closing, most lenders reconfirm employment, especially if much time has passed since the loan was underwritten.
• Bank Statements (three months' worth): Statements for checking, savings and other accounts indicate the applicants' resources. Underwriters generally hope to establish that the average amount required for a down payment has been maintained over time, not recently obtained.
• Other Assets: These include the value of bonds, stocks, life insurance, retirement funds, jewelry, automobiles, etc.
• Investment Statements: Statements include these for stocks, bonds and other investments.
• Tax Returns (two years' worth): A borrower's returns provide a wealth of financial information. Underwriters look for red flags that could reveal an unforeseen debt in the case of an audit.
• Liabilities: These include creditor names and outstanding balances for all debts including notes payable, 401(k) loans, life insurance loans, stock pledges and alimony.
• Telephone Numbers and Addresses of Your Workplace: These allow the lender to verify your income.