How to Fill Out a Personal Financial Statement

How to Fill Out a Personal Financial Statement
Prepare a personal financial statement for lenders to help secure a loan.

Step 1

Complete the identifying information at the top of the personal financial statement. If the statement is for yourself and your spouse, include identifying information for each of you.

Step 2

List each asset in the section provided. Your home and any other real estate owned should be listed at the current market value. The current balance of all retirement accounts, investment accounts and bank accounts, as well as the cash surrender value of all life insurance policies, are included in this section.

Step 3

List each liability in the section provided. For any asset owned that is security for a mortgage or loan, including your home and cars, provide the current balance outstanding. Loans taken against the value of life insurance policies are included in this section, as well as outstanding tax payments and other payments due, such as credit card debt.

Step 4

Calculate the net worth by subtracting the total liabilities from the total assets.

Step 5

Provide information for all sources of income in the section provided. Income includes salary, commissions, bonuses, interest and dividend income, rental real estate, business or partnership income and investment income. If there are gains on sale of stock, include that as part of investment income. This information should be provided on an annual basis.

Step 6

Provide information for all expenses. Expenses include child care, medical and dental expenses, income tax payments, IRA and college saving plan contributions, property taxes, mortgage payments and all other living expenses. Many lenders request that you provide information for the portion of mortgage payments that go towards principal versus interest.

Step 7

Calculate net income by subtracting the total expenses from the total assets.

Step 8

Complete any detailed schedules included in the personal financial statement. Common information requested regarding real estate is the date purchased, the purchase price, the current market value, mortgage lender, monthly mortgage payment and current outstanding balance. For other loans or outstanding debt, lenders want to know who the debt is owed to, the current outstanding balance, monthly payment and if the debt is secured or not.

Step 9

Provide any other pertinent information in the section provided or attach a statement. For example, if you own a business but are currently in negotiations to sell it, either in whole or in part, provide information regarding the sale.

Step 10

Find out if your lender wants a copy of your most recently filed personal or business tax return included with your personal financial statement. Verify if signatures need to be notarized with your lender before submitting it.