Taking a loan in New York is easier than renting an apartment: comparing the lists of documents

New York is undoubtedly a city of great opportunity. Every trade counts here. And each person tries to get all possible guarantees from the person with whom this transaction is made. Newcomers to the city are often looking for rental apartments, but, as it turned out, this is not so easy to do. Moreover, taking out a bank loan in New York is much easier than renting a house. Let's compare the lists of required documents. Rent Own Sell published a list of documents for rental housing.

Documents for rental housing in New York

1. Certificate of employment

This is the most important document. Landlords need to make sure you can pay your rent on time. Most landlords ask for a letter of employment on company letterhead clearly stating the length of work and the level of pay.

Note: a letter with a job offer is not a certificate of employment.

2. Receipt of payroll

If you are not new to the city and already have a job, you may be asked to provide copies of your previous pay stubs.

2.1. Self-employed

What if you are a businessman or self-employed? In this case, you must provide one more document. A CPA letter that provides information about the nature of the business and how long you have been running it.

3. Tax return

Tax return is an important document for understanding your level of earnings. Landlords in New York are always interested in your earnings. Adjusted gross income must be equal to 40 times the monthly rent. This means that if you are looking at an apartment for $ 2500 a month, homeowners would like to see a figure of $ 90 in income.

4. Bank statements

The newcomers to the city have little money in their accounts. Basically, landlords are not looking for detailed asset descriptions, but they are always interested in ensuring that you have a bank account with a solid track record. Don't even think about faking it with certain software. It's easy to check.

5. Reference letter from a previous homeowner

If this is not the first time you are renting an apartment and are moving from another rental building, it is worth enclosing a letter from your previous landlord. This letter should reflect the rental period for the apartment, the rent you paid. The document should also state that you paid the rent on time.

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A few words about a good relationship between you and the landlord will help you a lot, it is better to attach the phone number and email of the previous landlord to the letter.

6. Photo ID

A valid driver's license or passport will do.

7. Certified bank check:

Homeowners usually ask for first month rent, bond, and brokerage fees.

But that is not all! An amount equal to four months' rent at a bank with a branch in New York is required. After you place your application, you will need to provide a certified bank check confirming the presence of this money in the account.

8. List of past addresses of your residence

You will be a more suitable tenant if you can provide at least three addresses of your previously rented apartments in the city.

Documents for obtaining a loan

As you can see, you need to provide 8 documents for rental housing. To obtain a loan, you need to provide only 4 documents. bank rate. No, recommendations from previous lenders and a list of addresses of banks where you already had loans are not needed here.

1. Application for a loan

Each lender will have their own application to initiate the loan process. These applications may look different. For example, if you are applying for a loan from an online lender, the application process is often completely online. If you are taking out a loan from a traditional bank or credit union, applications can usually be completed in person or online.

This initial application is usually the main one - it often asks for your personal information, the desired amount and the purpose of the loan.

2. Identity documents

In addition to obvious reasons such as identity theft, creditors must be able to verify your identity in order to determine if you are a US citizen or permanent resident and if you are at least 18 years old. You usually need to provide two forms of identification. For example:

• driver's license
• passport;
• state resident ID
• naturalization certificate
• birth certificate
• military ID

3. Proof of work and income

Unsecured personal loans differ from many other types of loans, such as mortgages or car loans, in that they have no collateral. This increases the lender's risk and it is even more important for him to make sure that you have a stable source of income to pay off the loan.

If you are employed, you can usually prove your income with one of the following documents:

• Certificate of payroll:
• Tax return:
• W-2s and 1099s
• Bank statements
• Employer contact information

If you are self-employed, you can usually prove your income with the following documents:

• Bank statements
• Tax returns

4. Proof of residence

You can usually use one of the following:

• Utility bill
• Lease contract
• Proof of insurance for your home
• Voter card

Conclusion: This comparison makes us understand that it is easier to take out a loan for personal needs in New York than it is to become a tenant.