How to Prepare for a Meeting with a Lender

Information the Lender Will Need:

• Your last two years tax returns - all schedules. If you have partnership K-1's reflecting more than 25% ownership - include the partnership returns.2. W-2's & 1099's supporting your returns
• 2 most current paycheck stubs
• 3 most recent statements for all checking, savings, stocks, bonds, retirement, 401-K i.e. any asset.
• Current mortgage statement or name and address of landlord.
• If self employed - two years tax returns from business and year to date profit & loss

Don'ts

• Don't pack your tax returns, W-2's, 1099's, divorce papers etc. with your household goods.
• Don't buy a new car or furniture or appliances for the new house until the transaction closes.
• This affects your debt to income ratios.
• Don't move assets from bank to bank or consolidate your debts during the transaction. Sometimesmoney in the bank is more valuable than having no bills.
• Don't obtain a credit report on yourself. Lenders question all inquiries and frown upon too many.
• Don't change jobs. Job related relocation is one thing - changing jobs is another.