let’s talk : I AM APPLYING FOR A LOAN – WHAT DOCUMENTS DO I NEED TO HAVE READY TO GO?!
Good Morning!
How crazy low are these interest rates, right?! It seems as though everyone and their mother is scrambling around to take advantage of these bad boys, whether it’s through buying a home or refinancing a home. I personally am on the REFI train. Which means I need to get my financial life and documentation in order ASAP.
So, as we do, let’s talk Real Estate, let’s talk I AM APPLYING FOR A LOAN – WHAT DOCUMENTS DO I NEED TO HAVE READY TO GO?!
Whether you are applying for a commercial loan or a conventional mortgage I have experienced lenders request the following…
(1) COPY OF YOUR PHOTO ID
(2) TAX RETURNS
Personal: 2-3 years history
Business: 2-3 years history
(3) K1(s)
Any K1s for your business: 2-3 years history
(4) PERSONAL FINANCIAL STATEMENT
Assets – Liabilities = Net Worth
Assets include but are not limited to: Cash, securities, real estate, retirement accounts
Liabilities: ANY loans you or your businesses may have
(5) Bank Statements
Personal: typically 60 days history
Business: typically 60 days history
(6) Pay Stubs
Typically 60 days history
(7) Business Operating Agreements (if applicable)
(8) Copy of leases for any rental properties (if applicable)
I know this might not look like a lot of information but if you are applying for a loan with other people OR you own multiple businesses, these document requirements can add up QUICKLY. Before you know it, you are sending 20-30 docs over to the lender. SO it is super important to have this organized and on hand otherwise you will spend way too much time and stress trying to get yourself ready to apply for these loans. Any other documents you have seen lenders request?? Are you taking advantage of these record low rates?!
Happy Wednesday!
Erin
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p.p.s. if you are looking for an online class to help boost your social media presence – check out http://www.gogosbootcamp.com I have personally done this class and found it super helpful!
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Me – this is based on my own personal experience!
