When you apply for a refinance loan, your home mortgage consultant will take your application using a Uniform Residential Loan Application form. The application has six areas:

1. Personal Data - Full names, addresses, and Social Security numbers of all borrowers.
2. Income - The amount and source(s) of income for all borrowers.
3. Assets - Information on all assets such as checking and savings accounts, stocks and bonds, retirement plans, and other real estate owned.
4. Debts and Obligations - Information on all outstanding debts and any other financial obligations.
5. Credit References - Information concerning loans or debts that have been paid, plus any other references to good credit use.
6. Property Information - Specifics on the property you wish to buy, if you've chosen one.

 Much of the information above can be gleaned from your credit report, so you don't have to have it all in front of you when you apply. Your home mortgage consultant can tell you what you'll need to have on hand to complete the application.

 Processing. . . and a Decision

After you've completed the application, a mortgage specialist (or processor) will begin verifying all the information you provided. The information will then be used to make an underwriting decision regarding the degree of risk involved in lending you money.

Have you experienced credit challenges?

If you’ve gone through financial difficulties in the past that you think might affect your application, the best way to understand your options is to work with your home mortgage consultant. Axis Capital Group Inc. offers a variety of loan options designed to help you get the financing you need now, and improve your financial situation in the future.