Sometimes just the thought of providing the paperwork can be the most daunting part of any real estate transaction.
Refinancing is no exception. Many homeowners may find it a burden to provide the documents needed, including pay stubs, tax returns and proof of income (W-2 forms and/or 1099s), credit report, statement of assets and debts, and even title insurance. But if you will think about it, you can easily access most of these requirements anyway if you’ve safely stored them for verification.
If you really cannot locate your copies of those documents and/or you’ve lost them at some point, you can still find that refinancing is worth the hassle. Streamlined refinancing is being offered for homeowners who have government-backed loans such as the FHA, VA or USDA loans. It’s an option that can save them time and money by expediting the refinance process. If you apply for a streamline refinance to simply reduce your interest rate, there may not be a need for a new appraisal or an income verification.