Common Documents Required for Mortgage Application
Applying for a mortgage is like looking for work. In work applications, you need documents so that you may be hired. In mortgages, you need papers to prove before your loan may be granted. There are various types of documents you need when applying for a mortgage. Proofs of income as well as asset and debt papers are needed. Here are some documents falling under each category. Proof of income In this type, you are required to submit lists of where your income comes from. Don't think of this as a mere paper certifying that you are working for a certain company. You should also include other sources where you generate income from. If you are running your own business, make sure you have a business income document with you. Assets This set includes bank account info such as details on savings and checking accounts. The form should indicate the bank branch and address. If you have saved through bonds and stocks, you may use these documents as well. Debts This includes your credit standings as certified by other creditors. The document often contains info on existing loan balances. Car loans and other forms of personal loans are included too. There is also a set of purchase documents that you may be required to submit for the loan process. This is more of the purchase contract between you and the seller where the amount you initially paid for is placed.