Real Estate Mortgage Loan: How to Prepare Yourself to Save Money

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 know more about real estate mortgage loan, you can visit this site https://taylormadelendingllc.com/.

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.

Whether you're looking to buy your first home or multiple investment properties to build wealth, this checklist will help you save money on borrowing costs.

1. Proof of Income

Include copies of your last two payslips or proof of employment and other income. If you receive a steady income, such as trust income or Social Security, include a Letter of Receipt detailing how much you will receive.

For self-employed, you must prove that you have worked in the same industry or company for two years or more.

If you are self-employed, provide a copy of your two or three year trading license to demonstrate that you have been in the trade for at least two years. If you don't have one, present whatever you have as proof that you've worked in the same industry or line of business for at least two years. You can also ask the CPA to amend your income tax return for the last two years and then write a letter stating that you have been self-employed for at least two years.

2. Tax Return

Submit a tax return for the last two years, or at least the last two years W2 and/or 1099 if you don't want to file a tax return.

If you are self-employed, the mortgage lender may request your personal and business tax returns for the past two years and your company's income statement for the current year. If you own a business, you may need financial statements prepared by an accountant.

 

 

Leave a Reply