To make your loan application process go smoothly, it helps to have the following documents and information available when you begin:
- Loan and property information - This information will help your lender understand your lending needs, including requested loan amount, loan purpose and desired terms.
- Contact information - Name, address and telephone number must be provided along with the best time for a lender to contact you.
- Credit score or Social Security number. Your credit score helps your lender determine the best loan option for you. If your credit score is unavailable, you can provide your Social Security number and your lender will obtain your credit report and score for you.
- Last 2 months bank statements, 401(K), IRA, retirement funds, etc. This information is used to determine the availability of liquid assets.
- Last 2 years personal tax returns, W-2/1099 and business tax returns (or profit & loss statement if tax return not available). These documents are used to verify income when processing your loan request.
- Pay stubs for the last 30 days prior to closing.
- Last 12 months payment history for your primary residence and subject
- Schedule of rental properties owned indicating amount of liens, gross rental income, operating expenses (including taxes and insurance), and current mortgage payments.
Different lenders will have different requirements, so be sure to ask what documents are needed based on your loan program. Additional documents needed may include bank statements, tax returns, pay stubs, rent rolls and operating statements. Your lender should work closely with you to collect the appropriate documents, keep you updated on your loan, and ensure it closes in a timely and professional manner.
Content provided by Commercial Direct®, a division of Bayview Financial Small Business Funding L.L.C.