Financial Documentation: Submitting Some During the Mortgage Application Process
Purchasing a home is an intense process. Once you find the home of your dreams, you must figure out if you need to finance the purchase. Most people will apply for a mortgage. Financing the home adds another lawyer to the overall home purchase process. Since the amount homebuyers must borrow has increased over the last few years, lenders must run thorough financial background checks on applicants.
As you fill out the application, gather your financial documentation such as three months of:
- Bank statements
- Financial responsibilities
In addition, lenders will take a look at your credit report. Credit scores can make or break a mortgage. Since reports show seven years of financial activity, it rounds out the application.
When you submit your financial documentation, you’ll also submit copies of your government-issued IDs. Lenders verify your identity to ensure that they look up the correct credit reports and employment records. Credit reports sometimes have errors on them. Thus, lenders such as Mortgage House ensure that they attribute the correct financial evaluation to the appropriate applicant.
Mortgage House encourages homebuyers to prepare before applying for a home loan. Our Mortgage House mortgage calculator is available online for free. Then, you can speak with our loan specialists about possible mortgage options.
Financial Documentation for Mortgages Conclusion
The financial documentation that you’ll submit for a mortgage includes government-issued IDs. They help lenders conduct their financial background checks. Our Mortgage House loan specialists can answer any other questions that you may have. Contact our team today.