Everybody wants a fast answer when they apply for a mortgage. It can be one of the most stressful, yet potentially fulfilling experiences of life. We all want to know right away if our mortgage is Approved.
One of the best ways to get a quick approval is to have all the proper Documentation ready for the Lender.
Here are the documents required for a mortgage application if you are purchasing a rental property.
For the Property
- MLS Listing and/or picture
- Agreement of Purchase and Sale
- Rent roll – Type of Unit and # of tenants, names, start date maturity date amount paid, any security deposit paid
- Copy of property tax bill
- Confirmation of zoning – is property a legal rental property
- List of most recent repairs and upgrades completed on the property over the past 2 years.
- Last 2 years Income and expense statements
For the Borrower
- Confirmation of down payment – where is the money?
- Last 2 years personal income confirmation – Notice of Assessments or Tax returns or Salary letters or Pay Stubs
- Application form
- Personal Net Worth Statement
N.B. The more information that you provide the lender, the faster you will get an answer!
