Your Home Loan Professional

The personal documents you'll need to supply the bank will depend on the loan program and your personal borrower profile. The list below is a good starting point.

• Driver's license & SSI card
• Last two years W2's
• Last 30 days of paystubs
• Last two years federal tax returns (typically for self-employed)
• Last two months worth of bank statements (all pages)

That will depend on the loan program, processing and underwriting turn times, and, if it's a purchase transaction, the terms of the purchase contract.

Typically a loan will take anywhere from 45 to 60 days to close. Loans can close in as little as 30 days, but that should not be the expectation. We will try to close your loan as fast as possible, but we feel it's also important to set realistic expectations for our clients.

You should consider a refinance whenever it significantly improves your mortgage. You can refinance your mortgage to lower your interest rate, change from an adjustable-rate to a fixed-rate mortgage, increase the term of your mortgage to reduce monthly payments, or reduce the term of your mortgage to reduce total interest paid. Cash-out refinances are also a way to tap into the equity locked in your home. Some homeowners will refinance their home to pay for their child's education, renovate their home or pay for a luxury vacation.

Refinances can save you money on your monthly payments, but you will have to pay for the refinance closing costs first. To calculate how many months it will take, you must divide the total cost of refinancing your loan by your after-tax monthly savings. Here is a step-by-step guide. First, subtract your reduced monthly payment from your current monthly mortgage payment. This is your monthly savings from the refinance. Now calculate your after-tax rate. To do this subtract your tax rate from 1. For example if your tax rate is 15 percent (0.15) your after-tax rate is 0.85 (1 - 0.15 = 0.85). Multiply your monthly savings by your after-tax rate. This is your after-tax monthly savings. Divide your total refinance costs by your after-tax monthly savings and the result will be the number of months it will take to break even.

The annual percentage rate adjusts the mortgage interest rate to reflect estimated closing costs, including points paid at closing and mortgage insurance.

It depends on the loan program and underwriting findings. Some of the loan programs that offer no appraisal are the FHA Streamline and HARP 2.0 Refinance.

LTV stands for loan-to value. It is the total amount of liens on the property divided by its fair market value. If the subject property is a purchase transaction, fair market value will be based on the lower of purchase price or estimated market value as established by the appraisal.

Sites like Trulia and Zillow have home value estimators that can give you an idea of your home's value. You can also ask your local realtor to look up similiar comparables that have sold in the last 4 to 6 months. Some realtors will offer this service for a fee, but it will be less expensive than an appraisal.

Generally speaking, a 620 or higher. This also depends on a variety of factors including debt-to-income ratios, loan program, loan-to-value, and factors on your credit report. We look at all 3 credit bureau's and take the middle score of the three.