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By now most consumers understand the benefits of getting a bank home loan from a lender that funds mortgages with their own money. Whether you are buying a home or refinancing your 1st or 2nd mortgage, our wholesale lenders have the programs you need to qualify for the best rates online. If you are purchasing a home you will need to get a pre-approval from a bank lender.
Documentation Required When Applying for a Bank Home Loan
Buying a home is one of the most important (and biggest!) purchases many people would make in their lifetimes! It is therefore a good idea to do a bit of homework beforehand so that you are confident that you will meet all the demands and requirements necessary to qualify for a bank home loan.
Let's have a look at a couple of the documents that you would need to prepare before applying for a home loan. This is a standard set of documents and will not differ much from lender to lender.
The first item on the list is a copy of your ID document (driver's license, passport, etc,). This usually needs to be certified to prove that is a copy of a genuine ID. In some instances your driving license might be enough, but most companies would only accept a copy of your actual identity document.
Secondly you would need an offer to purchase. This is not a contract yet, but purely an offer to buy the house in question from the seller. An offer to purchase would usually include a summary of the house (the address etc) as well as the amount that you intent on paying for this property.
Because a bank home loan is such a significant mortgage, you will need to prove that you can afford the purchase. For that reason the banks or lending institutions would have to see your proof of income. This will be in the form of a salary slip if you are employed and auditors' letters or statements of your liabilities and assets if you are self employed. A Close Corporation or Company certificate would usually also be required if you are your own boss.
In addition to the above proof of income you would also need to supply the banks with 3 months personal bank statements (if you are employed) and 6 months personal and business statements if you are self-employed.
If a company or close corporation wants to apply for a bank home loan, they would need all the above documents as well as a couple of additional paperwork. This will include a copy of the company's latest financial statements, details of all the directors and members of the company, the company's founding statement as well as a resolution by all directors or members indicating who will be responsible for signing the application form and all relevant documentation.
If a trust is applying for the loan, the documentation will need to be accompanied by a copy of the trust deed and once again a resolution advising who will be responsible for signing all the relevant forms.
Try to get all your documentation in place before you approach a bank or other lender for a home loan. As this is quite an extensive application, it would be better to have all the documentation ready in advance, to avoid delays with the application. No company will start processing your application without all the required documentation.
Happy house hunting! May your home loan application process be quick and painless!