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"We couldn't have had better results either time. We felt confident and well taken care.."
We have worked with Brian through 2 refinances of our mortgage and we couldn't have had better results either time. We felt confident and well taken care of throughout the entire process. Brian helped us to understand our options and explained everything in detail.
- Nicole, PA
HTSMortgage Anytime you need to make an application for a mortgage loan you will be required to document your life and financial history in great detail. Florida refinance companies want to make the application process as easy as possible but lenders need to be able to see that you have the income, credit history, and ability to make the payments on the loan that you are requesting. You might be asked for an assortment of documentation, but these are the ones most commonly required.

  • Recent and past pay stubs, including current ones from the past 2-3 months.
  • Your W-2 forms for at least the past 2 years
  • Your income tax statements for the past 2 years
  • Documentation of your present homeowners insurance, with the declarations pages included
  • Paperwork showing the title, survey and abstract for your present home
  • A complete, detailed accounting of any and all assets

There could also be additional documents required depending on the lenders the Florida refinance company uses. Documentation requests also depend on your particular situation and status. Divorced applicants should be prepared to bring a divorce decree and self-employed applicants will need to show annual profit and loss statements and other verification of their present financial status.

Reasons for Documentation with Florida Refinance Companies

There are often many questions asked regarding why companies require so much documentation and detail by applicants. Florida refinance experts will tell you that there are two reasons for this and both involve protection and financial safety.

Financial lending institutions have to protect themselves from fraud and undue credit risks in all of their transactions. While you know that you are honest there are some people that have given false documentation to banks and lenders including those used by Florida refinance companies. If one of these businesses accepts an applicant on just good faith they have to absorb the losses involved when that person defaults on his obligations. This is why so many documents are now required for transactions of this sort. Lenders can make intelligent and rational decisions about your credit worthiness based on the paperwork and verifiable statements that you submit to them.

Lenders are also offering protection to the borrower by requesting all of these various documents. This keeps people who are being pressed for money from getting themselves deeper in debt by clearly outlining if they can afford the refinancing option. Sometimes the applicant is the one who sees this during the time of trying to line up all of the documentation and they can look for other options. Asking for proper documentation also keeps desperate consumers from trying to inflate their net worth and income which is punishable by law.

Documents Versus No-Docs

No-Doc loans can be obtained by homeowners who want to use a Florida refinance option but don’t want all the stress and headaches of the required documentation that is involved. These loans are quick and easy but they have their own types of drawbacks attached. If you choose one of the No-Doc loans, you are charged higher interest rates by lenders because you are then considered to be a higher credit risk.

When you opt for one of the conventional loans offered by a Florida refinance company, you need to prepare early for the mountain of documents that you will need. Lenders are happy to provide you with an idea of what is needed early in the game and all it takes is a phone call. This will allow you ample opportunity to prepare the papers needed and you can get everything organized and ready to present. In fact, this additional time and effort may well increase your odds of landing the loan that you want.

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