What are the benefits of refinancing?
Refinancing can help you lower your current interest rate and save you hundreds of dollars a month on your current mortgage payment. Refinancing can also be used to pay off high interest credit card debt, or simply to take out cash for things such as home improvements, remodeling, investments, starting a new business and college tuition.
What if I do not have any credit card debt?
Then simply refinance your existing mortgage for a lower interest rate and save on your monthly payment.
What kind of information do I need to provide on my loan application?
Depending on the type of loan you apply for, you might need to provide credit and income information.
To expedite the process, here is some of the information you should have available:
PERSONAL
- Employment and salary history for the past two years
- Addresses of your residences for the past two years, as well as landlord information (if applicable)
FINANCIAL
- Your current income.This includes your base salary, any commissions or bonuses, dividends, etc. (income from alimony, child support or separate maintenance payment need not be revealed if you don't want it to be considered as a basis for repaying the obligation)
- As we continue with your loan process, you will need to supply us with pay stubs from your employer covering the last 30 days prior to completing your loan application.
- If you are self-employed or compensated by commissions, you will need to supply your federal tax returns for the most recent year you filed and the year preceding that one (two years total). Or in the alternative you may be able to use two years of bank statements.
How do I sign my final loan documents?
Interstate Mortgage Lenders will send a public notary to your home or another place that you designate so you can sign your loan documents.
What if I have trouble filling out a section of the online application?
One of our Personal Mortgage Specialists will take care of you every step of the way through the loan process, from application through approval.
What happens after I apply for a loan online?
One of our Personal Mortgage Specialists will contact you and keep you updated on the progress of your application until closing.
