How to Arrange Yourself for Saving on Your Cash Real Estate Mortgage Loan? - If you are investing on buying a home or other real estate property to build assets, it better to be prepared for real estate mortgage loans checklist. This would save considerable amount of money involved on loans. Besides the credit score and other qualifications an individual must produce certain documents in order to speed up the process. But remember some of the documents may not be necessary to get real estate mortgage loan, however certain documents would assist in getting better loan rate.
Below is a list of documents that you need to organize and to make financing process easier.
- Income proof: It is better to include at least two copies of pay stubs alongside other related documents pertaining to employment. In case if you are getting fixed income then it would be better to include a beneficiary letter that states total income earned.
- Tax returns: Provide at least previous two years tax returns. Suppose if you are self employed, the mortgage company would demand business and personal tax returns for a time period of two years. If you own a business you need to get business statement prepared by a chartered accountant.
- Records related to Bank account: Gather account number, address of your branch and get saving bank account statement for a period of 2 - 12 months. In some cases the mortgage company needs only last 2 months branch statements, but most of the lenders would need 12 months bank statement.
- Housing payments proof: Housing payment proof involves copy of lease agreement and 12 months cheques that represent timely rental payments.
- Major Asset's list: This list should include individual stocks like automobiles, real estate property, antiques, stock and insurance policy.
- Debts List: Prepare a list of debts that you are aware of like furniture loans, car loans, credit cards and student loans.
In addition some of the mortgage lending companies may seek credit report, purchase agreement, divorce settlement paper, copy of driver's license, social security card, irrevocable gift letter and bankruptcy filing if any.
By Kathy Mercado
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