Mortgage Miracles Happen
Mortgage Miracles Happen

Refinance Checklist for Residential Mortgage Loans

Checklist of items needed for Residential mortgage loan, please print this page and assemble the following checklist of documents.

Please provide the checklist of documents electronically. The preferred file types for each file are .PDF (Adobe Acrobat) files

Loan Application – Online Mortgage Application

The online loan application will take 20 to 40 minutes to complete.

After you have completed the online application, our office will prepare disclosures that must be signed (after the online loan application has been completed).

ID for each borrower (electronic)

  • Driver’s license (for each borrower)
  • Social Security Card (for each borrower)
  • If a Foreign National, must be able to present documents for “Permanent Resident Alien” status (I-94, Green Card)

Income Documentation

  • Tax Returns – past 2 years – All pages, all schedules, all forms (Federal Only – State Tax Returns are not needed).
  • Tax Returns (1040) MUST be SIGNED & dated by both Tax filers!

If you are a W2 Employee (Wage Earners)

  • Pay Stub – 30 day’s (1 month) of the “Most Recent” pay stubs, “consecutive ” no gaps in-between pay stubs; with Year To Date earnings.
  • You’ll need to provide all future pay stubs until the closing of the loan.
  • If you have an employment contract, provide a copy of the employment contract.
  • If one of the borrowers has just switched jobs, must have 30 days worth of pay stubs from the new employer (job).
  • W2’s – for the past 2 year years

Note: If you have been a salaried employee (W2 Income employee for the last 2 years +, you may only need W2 pay-stubs. If you have other income reported on your tax returns other than your W2 income, then you will need the tax returns OR if the underwriter requests the tax returns for some other reason.

Self-Employed (business owners & anyone with 20% ownership in any business)

  • 2 years of tax returns for both (Personal & Business tax returns – each business/company set of tax returns).
    • All pages, all Schedules; including K-1’s, you must provide a copy of each K-1 you receive.
  • If the most recent year’s returns have not been filed, provide signed extension letter and the two years prior with a year to date Profit and Loss statement)
  • Current Year to date Profit and Loss Statement (This is required – Does Not need to be from a CPA nor audited – Don’t procrastinate putting this together if you don’t have this prepared. It will only slow down the time to close the loan as processing & underwriting will be delayed) – (YTD) Year to date earnings.
  • Letter from your CPA (not Accountant), signed & dated verifying that you are self-employed and how long you have been self-employed. The CPA must state that he verify the length of time you have been self-employed. I.e. – If you have been in business for two years, the letter must state that you have been self-employed for two (2) years.
  • If an The following items can also be provided: Articles of Incorporation documents, Business License, Website print out
  • Other items can be requested by the underwriter, pending on the individual’s personal situation.

1099 Income / Commission income

  • 1099’s – past 2 year years
  • 2 years of tax returns (Personal tax returns). All pages, all Schedules; if you receive K-1’s, you must provide a copy of each K-1 you receive.

Other Income Sources – If you receive income from any of the following:

  • Social Security, Alimony, Child Support, Disability, Workman’s Comp, unemployment income, or, any other benefits. (Then provide a copy of the award letter or paperwork associated with that income source).
  • Pension Income: Award letter /statement.
  • Alimony &/or child support: Must provide proof for the past 6 months (all pages) of bank statements to show the funds being paid have come into your bank account. Must be paid into your bank account, not cash payments or this income source cannot be used.
  • Student Loans – If in deferment, must get paperwork to show that the student loans will be deferred for a minimum of 12 months from the date of closing of the loan (in some cases, 13 months out).
  • School Grants – a copy of the grant paperwork.

If Just out of school, a copy of your school transcripts may be needed if there is not a work history for the previous two (2) years.

  • Copy of school transcripts & diploma or discharge letter from the military contact information for the school to verify time in school.

Employment Gap Letter of explanation

  • Any time gaps in employment in the last 2 years greater than 30 days will need a letter of explanation to explain why there is a gap of any un-employment or change in employment, how long the gap was for and any comments regarding the gap in employment.

Verification of Employment – (Employment Details)

  • HR / Human relations or individual who is responsible for verifying both employment and salary or income from the borrower’s employment.
  1. Name of person in HR Department
  2. Tel # of HR Department
  3. Email address to the person in HR Department
  • If your employer (company) uses “The Work Number”, we need all of the access codes for “The Work Number” in order to verify employment:
  1. Employer ID
  2. Salary “Key Code”
  3. Company “Key Code”
  • Note: To have either bonus or overtime income used, you must have had it for the past two (2) years & it must be able to continue in the future, otherwise it can’t be used.

b> Asset Verification (Proof of Financial Assets)

  • Bank Statements – Last 2 month’s of bank statements (each bank account) – (Savings, Checking, Brokerage accounts i.e. = Stock, Bonds, IRA’s, 401K’s, any other investment accounts) – with the address of your bank or credit union.
  • Retirement account(s) – All pages of statement(s)


  1. All pages required for each statement.
  2. Two (2) most recent statements for each account
  3. Account names must be the signors on the loan. If the name on the bank statements is not one of those signing on the loan (ie. a spouse or a parent), a letter from both the bank stating the person on the loan is either on the account but not on the statement and also a letter from the person whose name is on the bank statement that says the person signing on the loan has full access to withdraw funds from the account for any purpose.
  4. If any large deposits have been made in the last two (2) months, must be able to show where the large deposits came from by either.

Home Owners Insurance Agent Contact Details

  • Name, Phone #, Email Address, Fax #
  • If you have other properties, provide the insurance agent for each property if they are different insurance agents.
  • If you have any other properties that you own, we will need a current evidence of insurance for each property owned (the insurance agent to provide).

Verification of Mortgage (Housing History)

Refinance Transactions

Copy of:

  1. Current Mortgage Statement
  2. Trust Deed & Note
  3. Settlement statement (HUD’s) If the refinance is within 12 months of when you bought your home, you will need a copy of the Settlement statement (HUD’s) that you received from the title company or attorney that did your closing.
  4. If you recently sold a house or another property, a copy of the Closing Disclosure (CD) (or Settlement statement/HUD’s), signed by both the buyer and the seller and the escrow officer.

Note: (If you have a mortgage from a private individual, we will need to verify payment history for the past 12 months. We need to have their name, phone number, fax & address.

  • Copy of canceled checks (Front & Back) for the past 12 months

Mortgage Statement

  • If a refinance, a copy of your current mortgage statement is always required.
  • If your current loan does not have your property taxes and insurance escrowed, then we need a copy of yourhomeowner’ss insurance policy and a copy of the most recent property tax statement.
  • If you have another property(ies), a copy of the mortgage statement on each property that has a mortgage. If the other property(ies) do not have a mortgage or if the mortgage does not have the property taxes and homeowners insurance escrowed, provide a copy of the homeowner’s insurance and a copy of the property tax statement.

Cash Out Refinance (If a refinance cash-out loan)

  • A letter explaining the purpose of cash out, signed & dated by both borrowers.

strong> VA Loans – Required paperwork

  • If still in the military (Active Duty or the Reserves), Enlistment papers.s
  • If separated from the Military, VA Certificate of Eligibility
  • If disabled, paperwork showing your disability status. This is required to waive the VA funding fee.
  • If you have previously had either an FHA loan or a VA loan, we must have your previous FHA or VA Case Number.


  • We (the lender) orders the appraisal on loans through an AMC (Appraisal Management company).
  • Payment of the appraisal is paid for upfront by either debit or credit card prior to the appraisal being ordered.
  • We can accept appraisal transfers on a case by case basis, depending on the loan product and depending on who ordered the appraisal & date of the appraisal.

Other documents

HOA (Home Owners Association)
If the property being financing or any other property that you own is in a homeowners association, (PUD or PRUD or Condo Association)
Contact details for the Home Owners Association management.

Copy of the most recent statement / Invoice for the HOA (even if it is for a different property that is owned and not being financed to show what the payments are and if you are current or not current with the HOA).

Letters of Explanations: See below Rules of Thumb for when to write a letter of explanation:

  • When you need to explain anything verbally, a letter of explanation in writing must be done.
  • When you wonder about any topic if you need to explain anything, write a letter of explanation(s).
  • Please have the letter of explanation, dated & signed by each borrower (and co-borrower if needed).
  • If a spouse or another individual is on the bank statement(s), and that individual(s) are not on the loan, then a “Joint Access Letter” is required. It must state: That the other individual(s) on the bank account gives authorization to the person getting the loan to use the funds for the purpose of buying the house (property). Must be signed & dated.

Credit Explanations

  • Credit Issues that need to be explained, please provide a letter of explanation and any documentation available.
  • Any and each person (borrower and/or co-borrower) that has Applied for or RECEIVED a new account from any company in the past 12 months , MUST write a letter of explanation explaining why they applied for and why they received a new account if there is a new account (for whatever the purpose of the reason for applying is).
  • Note: It doesn’t matter the type of loan or account, whether it is a rewards card at a department store, an auto loan, or anything else, or have applied for a mortgage at another financial institution (bank, credit union or mortgage company) even if it is after you have applied for a loan with us, we will know and you will be required to write a letter of explanation for even future inquiries between now and when the loan funds.

Divorce Decree (If Divorced or if you’ve previously gone through a divorce, even if you’ve been remarried)

Bankruptcy (If previously filed for Bankruptcy)

Copy of Bankruptcy Discharge document(s)