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LESSON 15: NECESSARY PAPERWORK
Sure, you're an honest person. But lenders won't
just take your word for it when you say you make $100,000 a year and
have $1 million in the bank. They'll want proof of your assets, income,
credit quality and other things. So in this chapter, we'll talk about
what kinds of documents you should get ready to hand over. They include:
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Federal tax returns from the previous
two years. |
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W-2 forms from the previous two years.
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A recent paycheck stub that
shows your name and Social Security number, the name and address
of your employer and your year-to-date earnings. |
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Documents to show other sources of
income, which could include income from a second job, overtime,
commissions and bonuses, interest and dividend income, Social
Security payments, VA and retirement benefits, alimony, child
support.
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A complete list of your creditors,
such as companies that have provided you with credit cards,
student loans and car loans. You'll also need to show what your
minimum monthly payments and total balances are. |
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Investment records, including
mutual fund statements, real estate and automobile titles, stock
certificates and proof of any other investments or assets. |
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Canceled checks that show your
rent payments (or mortgage payments, if you already own a house
and are shopping for a new one). |
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A copy of the home
sales contract, which lists the price you've agreed
to pay for the property, if you've found the home you want to
buy. |
(continued on next page)
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