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Bad Credit Mortgage Refinance  


If you have had poor credit in the past and could not get a typical loan, you may have been able to purchase your home using a bad credit mortgage. If you have this loan and have since worked on improving your credit score and credit history, it is possible that you now qualify for a regular mortgage refinance. With a historical low on interest rates, now is a great time to do mortgage refinancing. There is a little more paperwork required now, as compared to previous years, but if you get the documentation you need well in advance, you will be able to fly through the refinancing process. The following is a list of the documentation you might be asked to provide to the lender. 


1. A state issued photo identification and also another form of ID, such as a driver’s license, state ID, or a passport. 


2.  If you are recently retired, a copy of your social security awards letter or pension letter. 


3. The most recent last two months of paystubs and the most recent W-2 that you have from your employer. 


4. For self-employed people, or people who have income from commission, a copy of the two most recent federal tax returns, including 1099’s. 


5.  A property tax statement and property insurance declaration if you own any real estate property, including investment property. 


6. The most current two months of bank statements. Your name, address, and account number will need to be on there with the beginning and ending balances, so if you print it from online, be sure those print out as well. 


7. A copy of your credit report with explanations as to why you had credit inquiries, or about accounts being opened. It might be a good idea not to pull your credit or get a new line of credit within six months of trying to refinance. 


If you know that you will need to provide all of these documents, you will be better prepared and less overwhelmed when you head in to talk to a loan officer, and he can get you started quicker on the loan process. Also, being prepared is a good way to make a good first impression, so if you know what you are talking about, have the documents that you need, and ask a lot of good questions, the lender might feel more comfortable working with you and feel like he can trust you more.