Documents required for Mortgage application
When you first apply for a mortgage, are you overawed by the amount of documentation that you may have to do to get over with this process without any major delays or issues? Application for mortgage always takes up a lot of time and energy. This actually forms the basis on which the entire plan hinge and therefore cannot be taken lightly at any cost. Most banks and lending institutions which offer you mortgage loans ask for a plethora of documents and scan each one of them to make sure that you are the right candidate to whom the loan can be disbursed, so as to not have any problems regarding repayment later. It is also natural that banks do a lot of checks regarding the background of their customer, who has applied for a loan. The kind of money that is being lent to a person is ofcourse subject to scrutiny, and hence comes as no surprise that banks insist on these documents before they pass this loan.
The different types of documents that the banks insist are:
1. Application forms: These are the basis on which the entire application is processed.
2. Address Details: This is concerned with present and permanent address of the applicant. In case you have more than one applicant, the details of all are to be included.
3. References: This detail is concerned with the name of at least two people who can stand as a surety for your character. It is normally two people who are not your relatives and hence have to be either from friends or business acquaintances.
4. Details of property: Such details shall include the sales contract, with all details including the property number and registry details of the house as well as details concerned with the exact location of the property.
5. Income and bank: The income shall be proved by the submission of pay slips for the last two months and the bank statement for the last twelve months have also to be submitted to give the bank an idea about your financial condition.
6. Credit report: This is to be collected form reporting companies, checked for any discrepancy and then submitted to the bank. In most cases, the bank shall source this directly from the company.
7. Past history: If there is any past history of bankruptcy or foreclosures, the same has to be brought to the notice of the bank.
Even though most home buyers find this list exhaustive and even complain about the lengthy procedures, it is natural that banks insist on these. Since the present sub prime crisis has broken out, banks have become more cautious and approach each application with a lot of care.
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