Collecting documents for a mortgage is a rather time-consuming task. Therefore, it is worth taking care of preparing complete documentation in advance and going through the loan procedure faster. What documents for a mortgage are necessary? We check what is needed for a mortgage. The list of certificates and documents may vary depending on the source of income and the purpose of the loan. Let’s get to know the details!
What documents for a mortgage to prepare?
The answer to the question: “What mortgage documents?” is not unambiguous. As we have already mentioned, the bank may require other documents and certificates depending on the form of employment and the purpose of the loan. We can take a mortgage for building a house or buying an apartment from a developer, but not only.
Regardless of where we get our remuneration and what is the purpose of the loan, we will need:
- general documents,
- financial documents enabling the verification of creditworthiness,
- documents regarding the subject of the loan.
Below we will provide a detailed description of the documents needed for the mortgage.
General documents for mortgage
General documents constitute the first group of mortgage loan documents. Everyone who wants to submit a loan application must provide:
- ID card used to identify the customer (for bank inspection),
- completed mortgage application.
Sometimes banks require a second document with a photo. Optionally, if we use housing programs, a shortened copy of the marriage certificate or child’s birth certificate may be necessary.
Can I take a passport loan? No. Although both the passport and ID card are documents confirming our identity in accordance with law, we can only apply for a loan with proof. The same applies to other types of loan, including cash loan or consolidation loan.
Passport is accepted only for foreigners. Banks also require from them a document confirming their right to permanent residence in the country and a credit report from a foreign credit bureau to confirm their creditworthiness. More about financial credibility in the paragraph below.
Documents for checking creditworthiness
People who want to take a mortgage must have very good credit standing. Banks verify it very carefully, requiring information on:
- method of employment,
- the amount of income,
- number of household members,
- monthly maintenance costs,
- current credit obligations,
- credit history,
- the borrower’s age.
Banks also expect to receive a salary certificate and other documents, depending on the type of employment. They will be used to verify the information provided.