25 Apr 2022

Financial Documentation: Why Do Lenders Ask for the Same Documents During the Mortgage Application Process?

Financial Documentation

Financial documentation is an important component of the mortgage application process. It provides proof of income, patterns in spending habits, and an outline of the applicant’s financial responsibilities. Sometimes lenders will request that a homebuyer provide payslips and bank statements more than once. The underwriting team must reach a point of certainty with the decision. If they approve the applicant for a mortgage, the team must have certainty that they will pack it back in full and on time.

The home loan application process can take between four weeks to three months to complete. When the lender requests another payslip or bank statement from you, they want the latest one. Thus, it will extend the process to three months. Although the additional requests might cause anxiety or stress, it keeps you in the running for financing. 

Homebuyers can help their cause too. Entering the process prepared makes it go faster. Mortgage House provides loan specialists with proprietary tools to help them evaluate applications efficiently. We also provide online resources for our potential clients and current customers. For example, you can enjoy our Mortgage House online home loan calculator for free and with no strings attached. 

Financial Documentation and Home Loans Conclusion

Even in the digital era, homebuyers who request financing for their purchase will submit several pages of financial documentation to the lender. The good news is that you can submit digital versions through the online application provided by Mortgage House. To start the process, contact our loan specialists today.

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