ETHICAL HOMES REFINANCE QUESTIONNAIRE In order for us to provide you with an accurate assessment of your refinance (or home equity line) options, please provide as much of the requested information as you can, for all of the questions below. (If you received a copy of this questionnaire from another client of ours, please contact us to make sure that you have the latest version (the version number of this copy is $Revision: 1.46 $); we update this questionnaire very frequently in response to changes in underwriting guidelines, federal regulations, and lender product offerings, so older copies might not include all of the information that we need to give you a complete assessment of your scenario.) (Also, note that we usually send this questionnaire in a minimally formatted version such as a TXT file, to make sure that all of our clients can open and edit it. If you need it in another format such as DOC/DOCX, RTF, etc., please let us know and we'd be glad to oblige.) 1. General Information on the Property * Property Address (include city, state, zip): * Original Purchase Date: * Original Purchase Price: * Original Down Payment: * Estimated Current Value: * Based On: * Assessed Value according to tax assessor, and year of last assessment (if known): * Month/Year and amount of last appraisal (if known): * Property Type (Detached/Attached/Condo/Co-op): * When you purchased this property, did you obtain either an OWNERS OR ENHANCED title insurance policy (as opposed to a LENDERS policy)? * If part of condo association, co-op, or property owner's association: * Condo/Co-op/POA name: * Number of units in development (if known): * Number of units currently not owner-occupied (if known): * Condo/Co-op/POA association contact: * Are you aware of any current lawsuits that the Condo/Co-op/POA association is party to? * Which of the following best describes the occupancy of the property? * Owner's primary residence * Owner's second/vacation home (i.e. occupied by owner at least occasionally each year even if rented out at times) * Currently rented out to tenants exclusively * Normally rented out to tenants exclusively but currently vacant * Other (please explain) * Does property have an English basement, in-law suite, or other separate living space? * If so, which of the following does that space have that are distinct from the main property? * Mailing address? * Entrance? * Kitchen? * Laundry facilities? * Utility metering? * Does property have any current non-residential uses (e.g. farmland, outbuildings used for commercial purposes, etc.)? If so, what? 2. Owners and Borrowers * Current legal owners of property: * Current borrowers on loan (if different): * Will legal owners and/or borrowers be changing during refinance? * If doing so would make better loan options available to you, would you be OPEN to changing the legal owners and/or borrowers on the property during this refinance? * Are any of the borrowers for this loan veterans or active members of the US Military? If so: * Are they receiving any VA disability benefits? * Have they used their VA mortgage loan entitlement previously, and if so, how many times? * Are any of the borrowers for this loan not US citizens? If so, please describe their current residence and immigration status (including visa type, visa expiration date, and visa renewal plans). * Are there any other people other than the borrowers listed above whose input will be significant in the decision-making process? If so, who? 3. Current Loans * Total owed on all loans on property: * NOTE: For total owed on property and all other questions in this section, please include ALL loans secured by the property in question, regardless of whether they are referred to as a mortgage, a HELOC, a 2nd trust, an equity line, etc. * Total combined monthly PI+MI payment on all loans on property: * NOTE: PI+MI == Principal, Interest, and Mortgage Insurance (if any) Do not include taxes and/or hazard/property insurance here, even if you pay them as part of the same payment as the PI+MI items. Also do not include any condo/co-op/POA/HOA fees. * Many loan options are available to borrowers whose loans were securitized through either Fannie Mae or Freddie Mac. You don't need to worry about what securitizing a loan means, but if you could follow the directions on our website at http://ethicalhomes.com/1510 and check to see if your property address shows up in either the Fannie Mae or Freddie Mac databases, we may be able to offer you better rates/products based on the results: * Loan matches in Fannie Mae lookup? * Loan matches in Freddie Mac lookup? * Your current 1st Trust: * Current Loan Servicer (i.e. the name of the company to whom you send your mortgage payments): * Loan Origination Date (i.e. when you closed on it): * Is this loan a purchase money loan (i.e. did you get it at the exact same time that you purchased this property)? * If this loan is a purchase money line of credit, have you taken any extra money out since purchasing this property? * Original Balance of this loan: * Current Balance of this loan: * If this loan is a HELOC (line of credit), what is its credit limit/max balance? * Interest Rate: * Term (e.g. 30-yr, 15-yr): * Monthly Payment (PI+MI): * Does this loan have any special Features (Interest Only/IO, ARM, Balloon): * If this loan is an ARM, provide the following info if you know it: * Fixed & Adjustment Windows, if any (e.g. 1/1, 3/1, 5/1): * When is the next rate adjustment on this ARM? * If this ARM has already started adjusting, what was the original rate that it had? * Rate Index & Margin (e.g. LIBOR + 2, Prime + 3): * Adjustment Caps (e.g. 5/2/5): * Is this loan a government-insured (FHA, VA, or USDA) loan? * Does this loan have Mortgage Insurance (including "LPMI" or "Lender-Paid Mortgage Insurance")? * Does this loan have a Prepayment Penalty? * Is this lender escrowing for taxes and/or insurance? If so: * How much each month is going towards taxes? * How much each month is going towards insurance? * When is the lender due to make your next tax payment (if known)? * When is the lender due to make your next insurance payment (if known)? * Your current 2nd Trust (if any): * Current Loan Servicer: * Loan Origination Date: * Is this loan a purchase money loan? * If this loan is a purchase money line of credit, have you taken any extra money out since purchasing this property? * Original Balance of this loan: * Current Balance of this loan: * If this loan is a HELOC, what is its credit limit/max balance? * Interest Rate: * Term (e.g. 30-yr, 15-yr): * Monthly Payment (PI+MI): * Does this loan have any special Features (IO, ARM, Balloon): * If this loan is an ARM, provide the following info if you know it: * Fixed & Adjustment Windows, if any (e.g. 1/1, 3/1, 5/1): * When is the next rate adjustment on this ARM? * If this ARM has already started adjusting, what was the original rate that it had? * Rate Index & Margin (e.g. LIBOR + 2, Prime + 3): * Adjustment Caps (e.g. 5/2/5): * Is this loan a government-insured (FHA, VA, or USDA) loan? * Does this loan have a Prepayment Penalty? 4. Goals, Budget, and Timeframes * Are you talking to multiple lenders about your refinance? If so: * What other lenders are you talking to? * Have any of those lenders already run your credit report, and if so, when? (If you have multiple lenders checking your credit history, it's best for your credit score for you to have them all do so within the same short period of time. We normally defer checking your credit until after we've looked at all of the other factors involved in your refinance to avoid impacting your credit score unnecessarily, but if other lenders have already started checking your credit, it might be better for you for us to go ahead and do so now.) * Have any of those lenders provided you with either product/rate quotes or Good Faith Estimates? (If so, if you can provide copies of those quotes or GFEs to us, we can make sure that we can give you a true apples-to-apples comparison of the same product and/or explain why we recommend a different product that might make more sense for you.) * When do you expect to make a decision about which lender to use? * What criteria will you be using in making that decision? * Would you prefer a detailed analysis of your refinance options, or a very high-level summary of them? (By default, we tend to provide all of the gory details of the math involved in a potential refinance, including potential tradeoffs between upfront costs, monthly savings, long-term equity buildup, etc. Some borrowers find that level of detail overwhelming; if that's the case for you, please let us know and we can give you a very high-level summary of your options based on the goals you describe below.) * If you have more than one mortgage on this property, we will by default evaluate your options for refinancing all of them as well as just some of them. If for some reason you would prefer to definitely NOT refinance one or more of those mortgages, please let us know that here and ALSO let us know why: * What are your goals/priorities for refinancing? * Cash-out? * Desired cash-out amount? * Will any of the cash-out funds be used for a purpose OTHER than renovations/additions to the property? * If you are looking to do renovations/additions on the property using the cash-out from a refinance, have you already started that work or scheduled for that work to start? * Lowering your monthly payment? * Decreasing your risk? * Accelerating your equity buildup? * Would you be willing/able to INCREASE your monthly payment if doing so could substantially accelerate your buildup of equity and save you money in the long run? * If so, what would be the highest monthly PI+MI payment that you'd be comfortable with? * Other goals (please specify)? * We know that you probably want to minimize your upfront costs, and with many refinances it is possible to roll your upfront costs into the loan. You can often get a better deal on a refinance by paying some/all of those associated costs up front, however, and/or paying extra costs up front to reduce your rate. We will go over the pros and cons of that decision with you in more detail and help you determine whether paying more up front saves you enough in the long run to be worth it, but to limit the number of options we have to review with you, please let us know what the MAXIMUM upfront out-of-pocket cost is that you could afford so that we only have to show you the options at or below that cap in costs. What is the MAXIMUM upfront cost that you could afford for a refinance? * If paying down some of your loan balance as part of a refinance (as opposed to paying loan-related costs) could result in significant savings to you in the long run, would that change the number you gave above? If so, by how much? * How quickly do you NEED to settle on this refinance, and why? * How quickly would you WANT to settle on this refinance, and why? * How long would you envision staying in your new loan before either refinancing, paying the loan off, or selling the property? 5. Credit and Debt * What is your FICO credit score (if known)? * Do you have any late payments in your credit history in the last 3 years? * Have you been part of a bankruptcy, short sale, or foreclosure, or subject to a tax lien, divorce settlement, or other legal judgment in the last 10 years? * Are you aware of any active collections against you (including but not limited to medical debts or parking tickets)? * Are you co-signor on any loans in someone else's name? * What is your minimum monthly debt service (i.e. the minimum payments on any loans, credit cards, etc., not including the mortgages that you are looking to refinance)? 6. Income & Employment (please provide for ALL borrowers) * What is your current gross income (i.e. before taxes, retirement deposits, etc. are taken out) on either a monthly or annual basis (please indicate which)? * Does this include any government or military location pay differentials, housing allowances, etc? If so, how much? * If any borrowers are self-employed, please also include the following information for them: * This year's expected income (gross) * This year's expected income (net) * Current year-to-date income (gross) * What was your gross income as reported on taxes last year (1040 Line 22)? * What was your net taxable income as reported on taxes last year (1040 line 43)? * Has your gross income (as reported on your taxes) gone down from the previous year in this year OR any of the previous two years? * If so, please provide your gross income in each of the last 3 years, and tell us a little about the circumstances surrounding the decrease(s). * Do you anticipate the income of any borrowers changing significantly during the time that you will own this property? * Where do each of the borrowers on this loan currently work? * Approx. when did they start working there (month & year)? * How long has each borrower worked in their current industry/career path? 7. Other Information * Do you own any other real estate in the US besides this property? Information about those other properties can affect your potential financing options. Please let us know the location (city/state), number of mortgages and current amount owed on mortgages, and current market value of those properties. (Approximate numbers are fine for those other properties.)