Home Loan Documentation: Your Debt, Assets, Income

Assets, Income & Debt Documentation

Documenting what you owe, the value of what you own and how much do you make (income) will determine the size of your home loan that the lender will consider.

Get three pieces of college ruled lined paper.

• List all of your long-term debts on the first page.
  
• Itemize and place a value on each of your assets on the second page.
  
• Finally, list all of your combined income sources on the third page.

Required Paperwork for Loan Application

At minimum, your lender will need to review your;

• completed income tax forms from the last two years with their respective W2 statements,
• list of all long term debts, loans and substantial credit card balances.
• a list of all income sources,
  
• recent pay stubs from all employers for each person that is signing on the loan,
  

Create a list of all your all assets; cars, homes, artwork, antiques, collectibles, boats, motorcycles, stocks & bonds and other property.

List anything that has value and/or is accruing in value. What can you sell if you lose your job to make the house payment?

Verify and document this information on a spreadsheet or word processor. It will make it easier to update as you work through the loan process. Maximize your time by preparing this information PRIOR to meeting with your lenders.

After all, your time is money. You are also interviewing their ability to service your long term financial needs.