Using a loan to buy a property? If you plan on using a loan to purchase real estate there are steps to follow in order to qualify. When you’re applying for a loan, lenders require you to submit a variety of documentation. Building a loan file provides a financial overview of the borrower and this file helps determine a pre-approval snap shot of your buying power.
This week, Justin and Joe discuss how to be prepared when seeking a loan for buying real estate.
Whether you’re applying for a hard money or conventional loan being prepared to submit documentation will jump start the process. As Justin and Joe mentioned in the video, if you have everything ready to go, they can provide a pre-approval same day. If you have any questions, please feel free to reach out to us at any time! Visit our website at http://www.pinefinancialgroup.com and our Facebook page at http://www.facebook.com/pinefinancial where we also post as much educational content and events as possible!
Items Needed for a Quick Closing
• 30 days most recent Pay Stubs
• 2 years most recent Tax Returns and W-2s
• 2 months most recent Bank Statements
• Most recent 401K, IRA or other Retirement Statements
• Name and phone number of Homeowner’s Ins. Agent
• Name and phone number of Real Estate agent
• Awards Letters for any Social Security, Pension, or Disability Income (if applicable)
• Copy of Sales Contract and Earnest Money Check
• Copy of Divorce Decree (if applicable)
• Copy of Bankruptcy Discharge (if applicable)
• Copies of ID and Social Security Card