Mortgage Overview: The Required Documents For Mortgage Application

Mortgage refinancing is one of the most cost-effective ways to own a property

. People who want to buy a new home can turn to any DC refinance company. They provide a multitude of options for people still saving up but can already enter contracts and want to acquire their dream homes.

But like any legal transactions, mortgages and refinancing requires certain prerequisites for the approval of the contract. Such documents serve as proof of the mortgagors financial capacity to loan and pay the debt in time. Further, the documents presented to a mortgagee will determine the amount of loan that can be approved and the interest rate that can be charged.

Some Washington DC refinance companies hire third party agencies to verify the authenticity of the documents submitted by mortgagors. These third party agencies or the lender themselves call up the applicants employer to carry out credit investigation. There are various documents required for an applicant to submit prior to the start of the loan process. The following discusses the most common documents required by financing companies.

Proof of income capacity is one of the most important documents a mortgagor has to submit. This will serve as the confirmation of the individuals financial capacity to repay the debt. Moreover, these documents, such as an employment certificate, indicate the persons current employment or business.

Tax certificates on the other hand verify the net total income of the person and best serve as ones proof of financial aptitude. There are also other sources of income that may come in the form of cash gifts or investments. These can also be submitted to the lender for consideration and approval purposes.

Proofs of identity refer to supporting documents that proves a persons identity or being. Financial companies like banks and other lenders strictly require the submission of personal documents that attest a mortgagors address, citizenship, school records, and even birth. Other documentsgreen card, passport, social security card and/or number, and drivers licensemay also be requested from the applicant if the initially submitted documents are inadequate to support the identity of the borrower.

Submitting these documents provide the mortgagee with enough information on the borrowers character and behavior. In processing loan applications, lenders will not approve the request should the company find that the applicant falsifies documents or provide bogus information. These are very essential elements for Washington DC refinance companies to assess whether a loan should be approved or refused.

by: Darius Degross

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