Waaay back when, back when I was a toddler, we used to borrow from the banks. (Not me, mind you, I waited until I was at least a teenager before I made my first visit to what I called the “no” store….)
Back then the list read like a laundry list of things you needed to get in order to have someone even consider giving you a loan. You really, really needed to prove you didn’t actually NEED the loan in order to even get it.
Fast forward to today, well, actually into the very near future, becasue a few weeks ago all you needed was to be breathing to get a loan, and we now will be operating under the following rules. Get used to it.
2 Years Tax Return
2 Years W2’s
Most Current Pay stub
2 most current bank statements
Most current quarterly Stock and Retirement account
Copy of Photo ID
There, that wasn’t too painful, now was it? Thankfully, we now have mortgage brokers to help us out in getting a loan, and keep your visits to the “no” store to a minimum.
One last detail, that I keep handy, is an electronic version of my financial statement. I’ve got a nice excel spreadsheet I can forward to you that will help you keep things organized, and once you enter most of the information, you only have to update the balance. Kind like Zillow for your bank account, only more excruciating………