Personal Financial Statement

2 min. read

Most lenders want to see your personal financial statement before they consider accepting your loan application. A personal financial statement shows your financial standing. Lenders request this document because it shows your net worth and gives them a more complete picture of your financial situation.

Your net worth is what is left after you add up your assets (what you own) and subtract your liabilities (what you owe). Be completely honest and include everything you can think of and do not attempt to hide anything.?

Assets: Indicate your assets in terms of their current fair market value (what they would bring if you sold them) not in terms of what you paid for them. For example, if you bought stock 5 years ago for $1,000 and it is now worth $1,500, use today’s value.