1. Copies of your most recent W-2 forms from the last two years.
2. Copy of two of your most recent pay stubs: The pay stubs must clearly show the pay period and it must identify the name and social security number of the applicant. (If there are any deductions on the pay stub for a loan that will have to be counted towards the debt ratio. If there are any deductions on the pay stub that go towards the deposit of a 401k or some other asset account, a copy of a recent bank statement to show that asset is needed). Depending on how long the transaction takes you may need to send in updated pay stubs as you get them.
3. Copies of the first two pages of the last two years of your tax returns.
4. A name and phone number are needed for a “verbal verification of employment”. The underwriter is required to call an immediate supervisor or human resources person to verify employment.

1. Copies of tax returns from last two years, all pages of each return needed if you are self-employed, commissioned, or if the borrower is using dividend & interest income to qualify, or if the borrower owns rental property. The tax returns must be signed & dated in ink at the bottom of the page where the individual would normally sign on the bottom of the 2nd page. Corporate tax returns will be needed as well as personal returns if the self-employed individual owns over 25% of a company. By the same token, if the borrower owns more than 25% of a Partnership, complete Partnership returns from last two years as well as complete individual returns are needed, the Partnership returns should have the K-1 forms attached.
2. Profit & Loss statement through most recent month (only if self-employed or commissioned. A P&L shows gross income, then expenses, then net income from the start of the year through the most recent month). The Profit & Loss Statement must be signed by the preparer (the preparer can be the borrower, or the borrower’s accountant). Click here for a sample profit and loss statement.

1. Copy of 2 most recent, consecutive bank statements: If any of the bank statements show large deposits that are out of the ordinary, the source of those deposits should be documented (For example: gifts, inheritance, transfer of $ from another account, liquidation of stocks, etc.). If any of the bank statements have more than one page a copy of all pages, even if the other pages don’t show anything important or are blank, are needed. Depending on how long the transaction takes you may need to send in updated statements as you get them.
2. Copy of the 2 most recent statements (or most recent quarterly statement) on any other assets (like stocks, CD’s, 401k, IRA, etc.). If these assets are going to be liquidated or borrowed against for settlement evidence of that is needed, and evidence of the deposit of the funds into the new account (such as deposit slips and copies of the check). If any of the bank statements have more than one page, a copy of all pages, even if the other pages don’t show anything important or are blank, are needed. Depending on how long the transaction takes you may need to send in updated statements as you get them.

1. Do not make any large purchases, open a new credit card account, pay down a large amount of debt, or make any large financial changes after loan application. If a job change is imminent please advise us.
2. A legible copy of a driver’s license for each borrower on the loan is needed.
3. A copy of the title insurance policy from when you purchased the home, or the most recent refinance, which will assist us in seeing if we can get you a “re-issue” rate on the title insurance which reduces the cost.
4. If the borrower derives income from Retirement or Social Security you need evidence of receipt of this income (recent check or bank statement showing direct deposit) AND you must provide evidence of the terms of the pay plan. There should be a letter outlining the terms of the pay when you started social security or retirement.
5. A copy of the HUD1/Settlement Statement is required from when you bought the home.
6. If you have a Home Equity Line or a 2nd trust provide a copy of your 2nd trust or equity line “Mortgage Note.”
7. A copy of a current lease on all rental properties owned. If there is no current lease and the tenant is just renting month to month you can get what is called a “tenant letter.” The tenant must write a letter stating they are currently your tenant, how much they are renting for, and the address of the property they are renting. And this letter must be signed by the tenant.
8. A copy of a car title if a car is owned free & clear and is less than 4 years old.
9. Copy of all pages of a Divorce Decree and Separation Agreement if divorced or separated.
10. If borrower has had several jobs (three or more) in the last two years, you should provide a “job history letter” explaining the job path you have taken over the last several years. You can also use a current resume instead of writing this letter.
11. If the borrower is not a U.S. citizen please send a copy of any Visa or Permanent Resident Card (a.k.a. green card).
12. If your property is a condominium banks require a condo questionnaire to be completed, and most property management companies require a fee to complete this, which can range anywhere from $25 to $250. We will alert you as to what this fee is, and collect it from you later.
13. On a “no cash out” refinance you will need a cashiers check at settlement payable to the title company. The title company acts as the central escrow agent and handles all funds so the check is made payable to them. Although closing costs can be financed into the loan, you should pay cash for the property tax and homeowners insurance escrows and for whatever per diem interest is due. However, this is offset by the refund you’ll get from your old lender who is being paid off, for the escrow account that they hold that they’ll refund you after settlement of the new loan.
14. If this loan is a “cash out” refinance you will not receive your funds until 4 days after closing. There is a 3 day “rescission period” that is mandated by the federal government. This is a cooling off period where they mandate you have 3 days, after signing the closing papers, to rescind and cancel the loan.
15. At settlement you will not only need a cashiers check, but also your personal checkbook in case there is a small shortage in the amount you owe if the cashiers check is not enough to cover the amount due. You will also need a photo ID. A few banks require two photo ID’s, but for most of them your driver’s license is sufficient.

1. Please provide us with the name and phone number of your homeowners insurance agent. We will provide them with the name of the new lender, who must be listed as the new mortgagee on the policy. Also, the policy will need to be reviewed to ensure there is still sufficient coverage. If you are refinancing a condominium the insurance is part of a “Master Umbrella Policy” that covers the whole building. If you would provide us a name and phone number for the property management company of your condominium we will get this information from them.
2. A termite inspection is usually not required on refinance loans. However, if the particular bank you get the loan from requires one you will be notified as soon as possible.

*More documentation may be needed. An underwriter may see something in the loan that they feel requires more explanation. Or Fannie Mae and Freddie Mac may make sudden changes to their requirements that impact the documents needed on your loan application.

**You will receive the loan disclosures via email. The disclosures must be returned same day/next day, they can be faxed, or scanned and e-mailed. Since we cannot order the appraisal without the signed disclosures, we have to have them back immediately to ensure we meet deadlines and make the required settlement date.

SEND A PACKAGE WITH ALL THE NECESSARY PAPERWORK by fax or email to the pertinent person below:

(for DC, MD, VA loans)
Karen Cassera
Loan Transaction Coordinator
karen@getloans.com
(202) 744-3736 - Phone
(800) 881-0247 - Fax
karen@getloans.com

(for CA loans)
Coast Capital Group
1601 Pacific Coast Highway #245
Hermosa Beach, CA 90254
ATTN: Janine Jagmin
310-798-5513 Phone
310-798-5533 Fax
janine@coastcapitalgroup.com