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Application

This document lists the documents most lenders require to process a mortgage application. It includes verification of income like pay stubs, tax returns, and proof of additional income. It also requires verification of assets like bank statements and investment values. Information about the home purchase like the contract and deposit is needed. Debts must be documented with credit card bills, loans, and evidence of rent/mortgage payments. If credit history is limited, payment history for other obligations is requested. Gift letters are needed if downpayment funds are a gift. Bringing these documents will speed up the application process. Requirements can vary by lender, so ask your specific lender what to provide.

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63 views2 pages

Application

This document lists the documents most lenders require to process a mortgage application. It includes verification of income like pay stubs, tax returns, and proof of additional income. It also requires verification of assets like bank statements and investment values. Information about the home purchase like the contract and deposit is needed. Debts must be documented with credit card bills, loans, and evidence of rent/mortgage payments. If credit history is limited, payment history for other obligations is requested. Gift letters are needed if downpayment funds are a gift. Bringing these documents will speed up the application process. Requirements can vary by lender, so ask your specific lender what to provide.

Uploaded by

vineet2342
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

This is a list of documents most lenders will require in order to process your mortgage application.

Verification of income

 Earnings statements: W-2 forms, recent pay stubs and tax returns for the past two years;
 If you are self-employed: profit and loss statements and tax returns for current year and previous
two years;
 Additional income: social security, overtime bonus, commission, interest income, veteran's
benefits and so on.

Verification of your assets

 List of bank account numbers, the address of your bank branch, checking and savings account
statements for the previous 2-3 months;
 List of savings bonds, stocks or investments and their approximate market values;
 Copies of titles to any motor vehicles that are paid in full.

Information about the purchase

 Copy of the ratified purchase contract;


 If you made a deposit to the seller to show that you are serious about buying the house, bring a
copy of canceled deposit check on house.

Your debts

 Credit card bills for the past few billing periods;


 Other consumer debt such as car loans, furniture loans, student loans and other personal and
cosigned installment loans with creditor addresses and phone numbers;
 Evidence of mortgage and/or rental payments;
 Copies of alimony or child support.

If you have no established credit history, supply the lender with canceled checks for rent, utilities and
other recurring obligations to show payment history and amount of revolving debt.

Lenders may also ask you about the origin of your downpayment. If money for downpayment is a gift from
a relative, bring to the interview a copy of gift letter and copy of gift check. The gift letter states that the
money will not have to be repaid.

Having these items on hand when you visit the lender will help speed up the application process.

Keep in mind that different lenders may have slightly different information requirements, so ask your
lender what to bring to your initial loan interview.
For new CV’s

Eligibility:

 Any individual / Partnership firm / company with more than 2 years of business
experience.

Steps to avail a new Commercial Vehicle:

 Select a vehicle and estimate the finance amount based on the repayment period as also
your payment capacity.
 You also have the flexibility to select a finance scheme as per your requirements. Once
approved, you can make the initial payment (generally the margin money).
 Once the payments are made, the delivery order for the vehicle is made and your vehicle
is delivered to you.
 Where body construction is involved, a moratorium for the payment of the first
installment is allowed to facilitate the completion of the bodywork.
 All the documentation required would be discussed with you up-front.

For old CV’s

Eligibility:

 Any individual / Partnership firm / company with more than 2 years of business
experience.
 Funding extended to first time users as well as transporters

Steps to avail a Used Commercial Vehicle:

 We would assess the value of the asset and the finance is provided on the basis of the
assessed value.
 The vehicle should be in the name of the customer and our hire purchase endorsement
should be noted in the registration certificate before the disbursement of the financed
amount.
 A comprehensive insurance cover is mandatory for a value acceptable to the company.

Early closure is allowed subject to a levy to protect our internal rate of return, plus costs for the
transaction.

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