Loan Documents: What You Need
Getting a loan usually requires sharing some personal information for a lender to access your qualifications. There is a type of loan that requires no documentation, but as a general rule one should expect to pay a higher interest rate on the loan.
Typically, you will need to provide a credit score (lenders will access your credit report from the major services), your income, and your liabilities (other monthly financial obligations). It will save you time to have this information ready in advance.
Personal
- Your social security number and that of your co-borrower(s) if applicable
- Two years of employment and salary history (W2 statements or tax returns). Tax returns for the past two years are often requested and especially if you are self-employed.
- Your address for the past two years and landlord’s info if you are currently renting
Financial
- Your current income including base salary, bonuses or commissions, dividend or investment income. Expect to submit a recent pay stub(s).
- Account numbers, names of bank/investment institutions and respective balances
Each lender has different requirements and processes, but generally the above will be the documents they’ll request. It always feels uncomfortable sharing this information, so it is always a good idea to understand the lender’s privacy policy and what they will do with your information after the loan process is completed.