Excellent work. The settlement went very well. You both did an outstanding job. We really appreciate it. Thanks for the help. Brian, there's more property to be bought. I'll be in touch. Again...GREAT JOB.  
Doug F.-Capitol Hill, Washington, D.C.

Get Loans Refinance Checklist

Print off this checklist or bookmark this page. You can send in these items as soon as possible, but you do not need to execute this step now to complete the loan application. These items are required by Fannie Mae or Freddie Mac, these are not requirements of any bank or broker. After printing this list or bookmarking this page, Click here to finish step 3.

INCOME DOCUMENTATION IF SALARIED:

  1. Copies of your most recent W-2 forms from the last two years.
  2. Copy of two of your most recent paystubs: The paystubs must clearly show the pay period and it must identify the name and social security number of the applicant. (If there are any deductions on the paystub that are for loans those will have to be counted towards the debt ratio. If there are any deductions on the paystub that go towards the deposit of a 401k or some other bank account, a copy of a recent bank statement to show that asset is needed).
  3. A name and phone number are needed to do what is called a “verbal verification of employment”. The underwriter is required to call an immediate supervisor or human resources person to verify employment.

INCOME DOCUMENTATION IF SELF-EMPLOYED:

  1. Copies of tax returns from last two years, all pages of each return needed if you are self-employed, commissioned, or if the borrower is using dividend & interest income to qualify, or if the borrower owns rental property. The tax returns must be signed & dated in ink at the bottom of the page where the individual would normally sign on the bottom of the 2nd page. Corporate tax returns will be needed as well as personal returns if the self-employed individual owns over 25% of a company. By the same token, if the borrower owns more than 25% of a Partnership, complete Partnership returns from last two years as well as complete individual returns are needed, the Partnership returns should have the K-1 forms attached.
  2. Profit & Loss statement through most recent month (only if self-employed or commissioned. A P&L shows gross income, then expenses, then net income from the start of the year through the most recent month). The Profit & Loss Statement must be signed by the preparer (the preparer can be the borrower, or the borrower’s accountant). Click here for a sample profit and loss statement.

ASSET DOCUMENTATION:

  1. Copy of 2 most recent, consecutive bank statements: If any of the bank statements show large deposits that are out of the ordinary, the source of those deposits should be documented (For example: gifts, inheritance, transfer of $ from another account, liquidation of stocks, etc.). If any of the bank statements have more than one page a copy of all pages, even if the other pages don’t show anything important or are blank, are needed.
  2. Copy of the 2 most recent statements (or most recent quarterly statement) on any other assets (like stocks, CD’s, IRA, etc.). If these assets are going to be liquidated for settlement evidence of the liquidation is needed, and evidence of the deposit of the funds into the new account. If any of the bank statements have more than one page, a copy of all pages, even if the other pages don’t show anything important or are blank, are needed.

OTHER DOCUMENTATION:

  1. A legible copy of a driver’s license for each borrower on the loan is needed.
  2. If the borrower derives income from Retirement or Social Security you need evidence of receipt of this income (recent check or bank statement showing direct deposit) AND you must provide evidence of the terms of the pay plan. There should be a letter outlining the terms of the pay when you started social security or retirement.
  3. A copy of the HUD1/Settlement Statement is required from when you bought the home.
  4. If you have a Home Equity Line or a 2nd trust provide a copy of your 2nd trust or equity line “Mortgage Note.”
  5. A copy of a current lease on all rental properties owned. If there is no current lease and the tenant is just renting month to month you can get what is called a “tenant letter.” The tenant must write a letter stating they are currently your tenant, how much they are renting for, and the address of the property they are renting. And this letter must be signed by the tenant.
  6. A copy of a car title if a car is owned free & clear and is less than 4 years old.
  7. Copy of all pages of a Divorce Decree and Separation Agreement if divorced or separated.
  8. If borrower has had several jobs (three or more) in the last two years, you should provide a “job history letter” explaining the job path you have taken over the last several years. You can also use a current resume instead of writing this letter.
  9. Please provide us with the name and phone number of your homeowners insurance agent. We will provide them with the name of the new lender, who must be listed as the new mortgagee on the policy. Also, the policy will need to be reviewed to ensure there is still sufficient coverage. If you are refinancing a condominium the insurance is part of a “Master Umbrella Policy” that covers the whole building. If you would provide us a name and phone number for the property management company of your condominium we will get this information from them.
  10. If the borrower is not a U.S. citizen please send a copy of any Visa or Permanent Resident Card (a.k.a. green card).
  11. If your property is a condominium banks require a condo questionnaire to be completed, and most property management companies require a fee to complete this, which can range anywhere from $25 to $250. We will alert you as to what this fee is, and collect it from you later.
  12. A termite inspection is usually not required on refinance loans. However, if the particular bank you get the loan from requires one you will be notified as soon as possible.
  13. Provide payment for the appraisal fees for the necessary amount. See Payment Options on the web site
  14. More documentation may be needed. An underwriter may see something in the loan that he/she feels requires more explanation.

SEND A PACKAGE WITH ALL THE NECESSARY PAPERWORK TO (overnight mail preferable, or you can fax to Heather at 240-268-3247 or email to brian@getloans.com):

Apex Home Mortgage
3204 Tower Oaks Boulevard #400
Rockville MD 20852
ATTN: Heather Seidenberg
O. 240-268-3454
eFax 240-268-3247
hseidenberg@apexhomeloans.com