Question:

What are the general mortgage documentation requirements?

Answer:

The mortgage documentation requirements will take care to depict the borrower's income, assets and employment, how this will be used by lender and to what extent will the information be verified. You should know about full and alternative documentation requirements - those are the most exhaustive documentation types benefitting borrowers with good credit ratings and 2 years provable employment history. Other less restrictive documentation types are the so-called SIVA, SISA, No Docs, No ratio and variations of those.

Some information will be taken as stated - that is, borrower's word will count about income and/or assets Other will be fully verified - that is, lender will request written confirmation by the institutions involved. In between extremes, lender may accept tax documents provided by the borrower, such as the W-2, verbal verification from employer, etc.

Mortgage documentation can be provided fully or partially, or not at all. Lenders treat loan applications differently, depending on what the loan is taken for. For example, 100 percent verification and full documentation may be required for investment properties, but lender may have looser mortgage documentation requirements if loan is taken to get primary residence.

Also, since loans with loosely packed mortgage documentation are considered riskier, lenders will offer you a higher interest rate loan.


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