Be Prepared When Applying for a Loan

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©Getty Images

While loans can be quite useful and are often necessary for many circumstances such as starting a business or purchasing a car, for some the thought of going through the application process can be intimidating. While it is true that applying for a loan can be a detailed process, with a little preparation it can be rather simple. In order to simplify the process, we asked two of OVB’s lenders, Shelly Boothe and Steve Nibert, what a potential customer should bring with them when applying for a loan.

Regardless of the type of loan needed, both Boothe and Nibert agree that there are two important things you must have when applying:

  1.  Identification
  2.  Recent Pay Stubs

“From there (what you need) differs depending on whether it is a mortgage or installment loan,” Boothe added.

For example, on a secured installment loan, which includes both car and ATV loans, two recent pay stubs are needed.  According to Nibert, if the unit is coming from a dealer than a purchase agreement is needed while a bill of sale must be presented if the unit is from an individual. For unsecured loans, which are loans that don’t require anything to be held for collateral, only two recent pay stubs are required.

Of course, mortgage loans, which are the most complicated loan type, also require the most items. To get the application started, Nibert recommends customers present the following items in addition to ID and pay stubs:

  1.  Past two tax returns and W-2’s
  2. Information on the home, which can include a legal description, real estate tax bills, and an estimate on homeowners insurance

“Once we have most of these items we can take the application, pull a credit report and evaluate the request to see if we are able to approve the loan,” Nibert said.

Lenders, like Boothe and Nibert, are available to work with customers and guide them through the loan process. Currently, Ohio Valley Bank offers mortgages, home equity, construction, auto, and personal loans. On the business side, OVB offers many financing options, including commercial real estate loans, floor plan financing, loans on stocks and bonds, commercial equipment loans, SBA loans, commercial construction loans, and USDA loans.

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©Getty Images

For more information on loans or other financial services offered by OVB, visit  Ohio Valley Bank is an Equal Housing Lender.