Lender documents are the paperwork that is required by the lender in order to approve a mortgage loan for the purchase of a property. These documents are typically submitted by the borrower and include information about the borrower's income, employment, assets, and credit history. The lender uses this information to determine the borrower's ability to repay the loan and to assess the risk of lending the money.
Some of the common lender documents include:
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Loan application: This form is used to provide the lender with basic information about the borrower, such as name, address, income, and employment history.
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Pay stubs, W-2s, and tax returns: These documents are used to verify the borrower's income and employment history.
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Bank statements: These documents are used to verify the borrower's assets and to determine if the borrower has the funds necessary to make a down payment and cover closing costs.
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Credit report: This report provides the lender with information about the borrower's credit history, including credit scores, outstanding debts, and payment history.
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Appraisal report: This report is used to determine the value of the property being purchased. The lender will use this report to determine if the property is worth the price being paid and to ensure that the loan amount is not more than the value of the property.
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Title report: This report provides the lender with information about the legal ownership of the property and any liens, judgments, or other legal issues that may affect the property's title.
It's important for borrowers to provide accurate and complete information on their lender documents, as this will help the lender process the loan application quickly. Also, it's important for the borrowers to review the loan documents carefully before signing and make sure they understand the terms and conditions of the loan.
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