1. Bank Statement
A bank statement is a record of your financial transactions at the bank. A bank statement includes information about your checking account, savings account, credit cards, loans, etc.
You may have to submit your bank statements if you want to apply for a mortgage. If you plan to use a personal loan, then you should keep track of all your expenses meticulously.
Your bank statement shows how much money you spent during a specific time period. This helps lenders make sure that you did not spend any more than what you earned over that same time period. Your bank statements should show the following:
- – Amount of money deposited
- – Date of deposit
- – Account number
- – Description of transaction
2. Credit Report
Your credit report contains information about your payment history and any past debts. Your credit score is based on the information in your credit report. If you’re applying for a home loan, you might need to provide your credit report along with your application.
A credit report is a summary of information about your current financial situation. A lender uses the information provided by your credit report to determine whether or not they want to give you funds to purchase a house. If you have bad credit, the lender may require additional documentation before making a decision.
3. Income Tax Returns
Income tax returns show how much income you earned in the previous year. You may have to provide these documents if you’re applying to get a home loan.
Tax returns indicate how much income you earned during the previous year. Most banks request three years worth of tax returns, unless you’ve been employed full-time for at least five years.
4. Loan Application
The loan application is a document that you complete and send to your lender. On this application, you need to list your monthly income and expenses, including your rent or mortgage payments. You may also need to provide proof of assets like stocks, bonds, mutual funds, and real estatment
3. Proof of Income
This document provides evidence of income earned throughout the year. Examples of proof of income include pay stubs, tax returns, W2 forms, etc.
4. Paystubs
Paystubs provide a detailed breakdown of your monthly salary along with deductions (e.g., 401K contributions).