Refinancing Process When T/B Excercises Option

Can someone please explain this process? What documentation is needed? What needs to happen leading up the purchase?



Thanks,



Nate
[addsig]

Comments(2)

  • LeaseOptionKing9th January, 2006

    It depends on the lender, but usually your part will be to have the T/B provide copies (front and back) of 12 canceled checks, if it will be treated as a refi. You should have also photocopied the bank draft for the down payment, save the deposit slip, and save the monthly statement, in case they go to their own lender who may require proof of a down payment.
    [addsig]

  • Sunre2nd February, 2006

    So, they can actually refi, instead of doing a purchase? That would be helpful in getting the percentage up for a refi versus a purchase. [ Edited by Sunre on Date 02/02/2006 ]

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