Is it typical for a morgage loan to have so many financial statements?
Aug 20, 2009
in
Commercial Property Loans
I’m looking to buy a property that would be classified as commercial, but I’m going to live in it. The loan officer is asking for:
W2s for the past 2 years
2 recent pay stubbs
2 recent bank statements
information on my present landloard
Is this typical?
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5 comments
dpepperdrinker on August 20, 2009 at 2:19 am
Yes. They probably will want alot more. Mortgage files are full of documents and acknowledments you have to sign. Theyll get your credit report, employment history etc. etc. They will need to know your debt to income ratio so they will know all your credit card amounts and car loans etc. Very typical and required for most loans.
DJ B on August 20, 2009 at 2:19 am
pretty much.
Mortgageman on August 20, 2009 at 2:19 am
Absolutely. It is not too much to ask, if you want to borrow tens of thousands of dollars.
kate on August 20, 2009 at 2:19 am
Actually that is fairly light paperwork considering the state of the mortgage market .
Maybe he is only asking for that because you’ll be paying a higher % rate ?
Or maybe he’s picking up the rest of the info off your credit reports .
PS : Since you are buying the property , you should have a pillar to post type property inspection .
Undiscovered flaws / deficiencies could cost you a fortune later .
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Casey C on August 20, 2009 at 2:19 am
If you were going to lend someone $100,000 do you think this is too much or too little info?
W-2’s simply prove you’ve been makiing money for 2 years
2 recent bank statments proves that you didn’t just borrow money and stick it in your account one day to get approved for a loan.
2 paystubs will show how are paid (commission, hourly, salary) and determine if it is steady income and if your hours are regular.
Landlord info to make sure you make your rent payments on time.