The Documents You Need When Looking for A Mortgage

10 Jan

When you are planning to buy a home, there are certain things that you need to have in place before beginning the process. When you are aware of what you need to prepare it will be better for you. Buying a home is something that cannot be assumed as it is a great investment that needs to be safeguarded in all ways. You as the buyer needs protection and that is why you need to have all the necessary documents. You nee to make sure that you have all the legal documents to help you protect the transaction. The best thing with this article is that it will list all the documents that you need to help you buy the house legally.

One thing that you must make sure you have is the sales contract. In the sales contract you will have the terms and the conditions governing the sale. The contract acts as the offer for the sale. The contract is also referred to as the purchase agreement. The purpose of this paper is to help with legal terms binding the seller, the buyer and the attorney who is managing the transaction. The contract lists all the terms that must be met before the transaction is complete. Know more about mortgage at

You also need a title document. The seller needs to have a clear title so that all those who are interested in the sale do not have something to follow after the transaction. You also need to make sure that you have something eke that is known as the owner’s insurance policy. The policy covers the buyer at this website in case issues about the title come up. You could face some issues like the errors or some omissions on deeds.

Another important document is the one that is containing the disclosures. The owner must give the buyer a disclosure on some of the defects caused by natural or environmental hazards. It is also legally required of the seller to say whether there is anyone they know who may have died in the house for the past three years. The other thing that should be included the disclosure is the presence of any lead paint. The buyer should inspect the house to establish if there is the presence of lead.

After dealing with all the above documents the next thing to think about is the loan document. The mortgage lenders will ask for the proof of income, the assets and also the credit report. Also the buyer must provide identification documents. What the loan processor needs is the social security number or the tax identification number or the national identification card. Also the lender will ask you to sign a promissory note. All those documents must be in place before the transaction is complete. Without completing the above documents you will not be able to get any mortgage.

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