• Ben Stiller
• Sep 20, 2022
• Mortgage Process
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Paying off a mortgage is a long journey and a huge goal for most homeowners. Typically, it takes decades for most families to pay off their mortgages. Refinancing can be advantageous for homeowners when the opportunity presents itself and lending rates improve for borrowers. Who wouldn’t want to lower their monthly payments or even pay off the mortgage in a shorter period? However, deciding to refinance your mortgage can be a slow and complicated process, only made worse with poor document organization.

To make refinancing easier, having all the necessary documentation ready for your lender to access securely online can make a world of difference. Your mortgage lender will likely ask for your income, debts, assets, credit history, and insurance information, amongst other documentation too. Are you asking yourself, “what documents do I need to refinance my mortgage?” We’ve outlined some of the various documents you’ll need to get the process started; see below!

Recommended Documents To Have Ready

Showing proof of income is critical for refinancing your mortgage, as lenders need to understand if you can pay off your new home loan, debts, and living expenses. These should include documentation like your tax returns, pay stubs, and W-2s.

Insurance confirms that you’re the legal homeowner and whether or not you have current coverage. Your mortgage lender may also ask for your insurance agent’s contact information for further questions. They might also order an appraisal to confirm the value of your home.

Debts are indicators for a lender to tell if you can afford a mortgage payment. Your mortgage lender will conclude based on your calculated debt-to-income ratio. They might also ask for a recent mortgage statement and other loan documents, so it’s important to be ready with anything pertaining to these accounts.

A statement of assets helps your mortgage lender know whether or not you have the funds to pay for the closing costs needed for your new mortgage. A few months' worths of monetary reserves may be necessary to pay off closing costs sufficiently. Be prepared to provide recent statements from checkings, savings, investments, and retirement accounts.

The Importance of Digitally Storing Documents

Now is the time to switch if you haven’t considered digitizing your mortgage documents and securely storing them with an online platform. At first glance, easy access to paperwork at home sounds preferable, especially if it’s already well organized. Unfortunately, physical files don’t last forever and can become more of a hassle when sharing information with lenders, brokers, and banks.

Going digital with your documentation gives you greater accessibility, making it easier to collaborate with other parties in a timely fashion. If you’re overwhelmed just thinking about the mortgage or refinancing process, proborrower is here to help.

As a premier document organization platform, proborrower helps borrowers and lenders connect and share all sensitive documentation in one secure space.