Documents you need when getting a Home loan
December 25th, 2009 by msj484
While some people are lucky to be pre-approved for loans, a large majority have to go through a rather extensive and sometimes even rigourous process when applying for a loan. With the recent global financial meltdown, financial institutions have become more strict when it comes to granting a loan. To avoid additional stress and hassle on your part, make sure you secure all the necessary documents that they will be looking for. Here are just some of the basic documents you need to present.
- If you have your own business or self employed, you need your most recent 2 years income tax returns statements.
- For employed individuals or couples, a pay stub that shows your year-to-date income is going to be required. Note that you have to provide the most recent paystub that you have.
- Bank statements for 2 months for all your savings and checking account, stocks, bonds, money markets. Again it has to be the most recent statement. These are required by the banks so they can assess your capacity to pay.
- You may also be asked to provide divorce decree papers if applicable.
While there may be other documents that may be required of you by the financial instution of your choice, but at least you have an idea of the basic requirements.
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