At Trustco Bank, our documentation requirements are typically less burdensome than many of our competitors. As a portfolio lender, we gather the information necessary to make an informed lending decision while also complying with all laws and regulations. Please click on the options below to see what is required for the loan you are applying for.
Refinancing / Home Equity Loan or Line:
Purchasing a New Home:
In addition to the information above, we also need to verify your income. We may require a copy of your signed tax returns for the previous 2 years with all of your schedules. Find examples below of additional information that may be needed to complete the mortgage process.
Straight salary / commission / bonus / tips / overtime / military / part-time / seasonal
Social Security / Pension
Alimony / Child Support
Evidence that payments have been received for the previous 12 months
A legal order, such as a divorce decree, legal separation agreement that shows the payment as being required
Asset derived income / Dividends / Interest
Partnership / LLC / S-Corp / Corporations
Complete individual tax returns from the previous two years
Complete business tax returns from the previous two years
An accountant prepared balance sheet as well as a year to date profit and loss statement
If you have any questions regarding the above, please contact your local Branch Office or call (518) 377-3311.
Remember that Trustco Bank does not require tax escrow and pays the Private Mortgage Insurance (PMI) on applicable loans.
The above should be used for general reference only. Specific sources of income and specific products may require additional documentation.