#NC STATE MAC PROGRAM PHILADELPHIA VERIFICATION#

Proof of income – You will be asked to provide pay stubs (typically for the past 30 days) in order to verify income.Here is a list of some of the most common documents that your loan officer may ask for: Your documentation allows underwriters to verify that you’re a good fit for the loan option you’ve selected. What documents are required to refinance? To determine your estimated equity, just subtract the outstanding balance of your loan from the estimated value of your property and you will have a great starting point for determining what types of refinance loans will work for you. If you’re interested in estimating the current equity in your home, Pennymac has created a Home Value Estimator to help. This is an important factor for refinance loans that require a minimum loan-to-value (LTV) percentage and for cash out refinances where you want to take a specific amount of cash out of your existing equity. What is equity? Why is it important for refinancing?Įquity is the appraised value of your home minus the amount you still owe on your loan.

#NC STATE MAC PROGRAM PHILADELPHIA VERIFICATION#

Collecting and scanning documents like tax returns and income verification is a good start and can save you time during your application process. Much of the documentation that you’ll need to provide for processing can be determined as soon as you know what kind of loan you will be applying for. There are, however, steps you can take to limit your exposure to delays. Many refinance loans can take 30-45 days to close but there are lots of exceptions if your finances are complex or you’re refinancing at a particularly busy time of year. How long does it take to refinance a mortgage? This is a great place to start as you weigh costs against benefits. Pennymac also offers a refinance calculator to see if refinancing your home can help you lower your monthly payment or consolidate your debt. You may hear that 1.5% of your loan amount is a good rule of thumb for closing costs but it is always best to ask your loan officer about all your options. Regardless of whether or not you receive closing credits from your lender, you often have the option of folding closing costs into your loan to avoid having to put up cash at closing. There are many options for managing closing costs for different kinds of refinance loans. Your loan officer can tell you which types of loans carry these kinds of restrictions. While prepayment fees are meant to prevent you from paying off additional principal, an early payoff fee is a fee paid to the originating lender for loans that have only been on the books a few months. Another factor to weigh is payoff fees, which are different from prepayment penalties. Limitations on refinancing can vary from state to state, so you’ll want to check the regulations for the specific state where the property is located.

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