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5 Things banks verify before giving you a mortgage
5 Things banks verify before giving you a mortgage
Borrowers seeking a mortgage to purchase or refinance a home must be approved by a lender in order to get their loan. Not all banks are created equal, but many of them focus on the same areas throughout the loan review process.
Make sure you have these 5 things prepared and ready to submit to your lender so they can qualify you ASAP:
1. ID Verification (Social security): validates you are who you say you are.
2. Credit History: verifies you have a good history of paying back debt.
3. Tax Return Verification: verifies that you provided the same income information that you provided to the irs.
4. Employer Verification: verifies you are currently working.
5. Asset Verification: verifies you have money for your down payment.
Any actions that indicate you may have problems handling money will lower your chances of securing a mortgage. So, if you plan to own a home, get an early start on establishing your financial stability.
In addition to the previous verifications, there are legal and technical verifications. Only after carrying out a legal and technical verification of the property, will banks approve your home loan application.
Legal Verification: Through this process, the legal experts examine all the original documents of the property, including the title deeds, no objections certificates, and other ownership papers.
Technical Verification: Through this process, the technical experts examine the physical condition, building specifications, and market value of the property, to decide on the loan amount that can be offered
If you want to know more about verifications , you know you can call me, I will make it simple and safe!
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