While President Obamas stimulus plan is estimated to help as many as 8 million homeowners, many people have yet to take advantage. The main problem seems to be the paperwork that is required when refinancing a mortgage. Here are some tips which will help you have all the necessary documents before refinancing a mortgage so that the process will be much easier.

When refinancing a mortgage, even if your going to use Obamas stimulus plan, you will need to verify certain things. Besides the obvious identity requirements such as a social security number and proper identification, you will need some detailed financial and asset reports. These include things like credit reports, asset reports, bank statements, tax returns, pay stubs, and a few other things. If you are using the Presidents stimulus plan you may also need a proper letter stating your financial hardships in order to qualify for a mortgage modification. While it seems easy, many homeowners are having a hard time coming up with or even returning paperwork to their mortgage lender or bank that is needed to get a mortgage refinance or modification.

However, there are some things you can do which will help you be prepared for these paperwork requirements ahead of time. The first thing you should do is get yourself a copy of your credit report. It is available free for every person 1 time per year. Also, try to have pay check stubs, bank statements, mortgage information, asset reports, as well as any bills or debts you may have. This information will be the key to you getting the help you need when refinancing a mortgage and will make the process easier and faster. Especially these days, banks and mortgage lenders need and require that income, assets, and debts be verifiable. They use the paperwork you provide to estimate your new monthly mortgage payments. This paperwork will also be needed for homeowners who are trying to use President Obamas mortgage bailout plan as it is a requirement.

Everyone should do what they can to prepare beforehand and get the proper mortgage refinancing paperwork together. Many refinancing deals are lost due to people not having the needed paperwork. Do not let this happen to you and take a little time to gather the appropriate information beforehand. Get everything together you can and be confident when your mortgage lender or bank asks for this. It will also help show them that you are serious and committed to refinancing your home loan and will only be a good thing. Take action and get refinancing today.

-M Petrone

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