What kind mortgage documentation do I need to provide when refinancing?
Smart Home Equity Answer: You will need you mortgage statement for your 1st and 2nd mortgage, copies of your drivers license, social security cards, and the declaration page of your home owners insurance. If you plan on doing a full documentation loan, then you will need copies of your W2’s and 1040’s for the last few years. Most lenders also like your most last paycheck stub if you have that as well.
Do I have to pay mortgage insurance if my 1 st mortgage balance exceeds 80%?
Smart Home Equity Answer: You will have options to pay mortgage insurance or not pay mortgage insurance. Keep in mind that mortgage insurance is now tax deductible, so if you get a better interest rate because of paying mortgage insurance, that it may be worth your while.
