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Guide on Real Estate Mortgage Loan

In addition to your credit score and the five other qualifications you must meet to fund a mortgage loan, you'll need to collect paperwork and paperwork. Speed up your financing and make your life easier. Organize your documents in triangular folders or file systems. You do not need all the documents listed below. To get more information about types of loans, you can visit this website – Taylor Made Lending, LLC.

However, the more information you gather, the more likely you are to get the best loan rates. Note that all of these documents may not be required for all types of loans.

Bank Account Notes

Gather your bank account numbers, bank branch addresses, and checking and savings accounts for the last two to twelve months. In most cases, you only need bank statements from the last two months. Talk to your loan officer about whether a 12-month bank statement will help you get a better interest rate.

Include all bank accounts, savings accounts, retirement accounts, and investment accounts. Include every account you sign, even if your spouse also signed the account and even if your spouse did not apply for a loan from you. Financial assets like this are seen by lenders as important reserves, especially now that property values are not going up in the near future.

Proof of housing benefits

Regardless of whether you are an owner or a tenant, you must document your housing benefit payments. Credit bureaus list mortgage payments. Provide a copy of your mortgage statement or a copy of your lease with a check for 12 months' worth of showing rent payments on time.

If you rent a home from a professional management company, they can verify that you paid your rent on time. If you're renting from a private individual, most (but not all) lenders will require you to show a canceled rent check for 12 months.

You don't need to include individual stocks if you own shares in a mutual fund or hedge fund. Just show the latest bank statement. If applicable, indicate the cash value of life insurance or universal life insurance.