Bad Credit Mortgage Refinance
have had poor credit in the past and could not get a typical loan, you may have been able to purchase your home
using a bad credit mortgage. If you have this loan and have since worked on improving your credit score and
credit history, it is possible that you now qualify for a regular mortgage refinance. With a historical low on
interest rates, now is a great time to do mortgage refinancing. There is a little more paperwork required now,
as compared to previous years, but if you get the documentation you need well in advance, you will be able to
fly through the refinancing process. The following is a list of the documentation you might be asked to provide
to the lender.
1. A state issued photo
identification and also another form of ID, such as a driver’s license, state ID, or a
2. If you are recently retired, a copy of your social security awards letter or
3. The most recent last two
months of paystubs and the most recent W-2 that you have from your employer.
4. For self-employed
people, or people who have income from commission, a copy of the two most recent federal tax returns, including
5. A property tax statement and property insurance declaration if you own any
real estate property, including investment property.
6. The most current two
months of bank statements. Your name, address, and account number will need to be on there with the beginning
and ending balances, so if you print it from online, be sure those print out as well.
7. A copy of your credit
report with explanations as to why you had credit inquiries, or about accounts being opened. It might be a good
idea not to pull your credit or get a new line of credit within six months of trying to
If you know that you will
need to provide all of these documents, you will be better prepared and less overwhelmed when you head in to
talk to a loan officer, and he can get you started quicker on the loan process. Also, being prepared is a good
way to make a good first impression, so if you know what you are talking about, have the documents that you
need, and ask a lot of good questions, the lender might feel more comfortable working with you and feel like he
can trust you more.