It is never easy to apply for a mortgage loan. The mounting document requirements are enough to overwhelm loan seekers. The complete documentation process gives you innumerous reasons to frown. Why worry when you have WGB Loans by your side? We make sure to demand the least possible documents, offer assistance in every complicated step, and approve your loan speedily and hassle-free.
Here are some MUST HAVE documents that you require to get your loan approved.
A photo ID is perhaps the most essential and standard document you need to get your loan approved. An ID is asked to verify buyer identification and look for any fraudulent claims. A passport or a driving license may also work as an identification proof.
A property tax bill is required to calculate your debt-to-ratio in case you already own a house and are willing to take out a new loan.
Your mortgage statements are required to estimate the amount you are currently paying for your house. This is vital to calculate the debt-to-income ratio.
These are required to check for potential lending risks. Make sure you carry the last 12 months of rent-checks. Good rent-checks are the ones that demonstrate your timely and in-full payment of rent.
These are checked to verify your income and assets. An account of any monetary gift you may have received must also be kept in the account for speedy and hassle-free loan approval.
Tax returns of the last two years, wage and tax statements, and paystubs of 30 days are required to see your proof of income. For self-employed loan seekers, it is mandatory to present an annual profit and loss statement..
Any data related to your long-term savings is appreciated..
Note: Your unique situation may influence the mortgage checklist. Every loan and loan seeker is different; therefore, you may be asked to provide other documentation proofs too. Talk to our WGB Loans experts to get your complete mortgage checklist in seconds.