In order to get your loan quickly approved, you require several items like credit items, asset items, income items, etc. Among these items, income items are very essential.
Following are some asset items that should be kept ready for an easy loan approval.
o All the pages of the bank statements for previous two to three months are required. Therefore, do not discard them assuming that they are not important.
o Also, all the statements on all stocks, mutual funds, bonds, etc. for at least two months should be kept ready.
o A copy of the latest 401K statement. Bear in mind that all the retirement assets are important as they can count as reserves.
o Detailed explanations for any large deposits made and also the source of those funds are to be given.
o A copy of 'HUD1 Settlement Statement' on recent sales of homes is a must.
o If your previous home is for sale, but not yet closed, a copy of the 'Estimated HUD1 Settlement Statement' is required.
o In case some of your funds have come as a gift from a family member, the lender will supply a JH blank form after you provide him with a gift letter.
o In case of gifts, you may also require the following:
o The verification of the donor's ability to make the gift. That is, a bank statement regarding the same.
o A copy of the cheque that was used to make the gift.
o A copy of the deposit receipt showing that the funds were deposited into bank account, etc.
Here it is noteworthy that statements of various kinds over the internet are not always acceptable to lenders. The printed version should contain the borrower's name, account number, and the name of the institution.
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