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The following documentation is normally required for a US$ mortgage application and since a condition of the loan is opening a new US$ account, this checklist also includes the due diligence required;
1. Completed mortgage application form.
2. Employer’s letter stating position, salary, length of service and home address or an accountant/company secretary’s letter if self-employed.
3. Credit report from a recognized credit bureau
4. Last three payslips if applicable.
5. Six months bank statements.
6. Bank reference from a known bank of two years.
7. Two certified copies of different photo ID (passport and driver’s license preferred).
8. Last three annual tax returns.
9. Written verification from an independent professional of declared assets and liabilities
10. Copy of the sales agreement. (may come direct from attorney)
11. Valuation Report on the property (can follow later).
12. Copy of Incorporation documents if the purchase is in a company name.
13. Formal evidence of personal savings/investments to meet equity and costs
14. Signed "Letter of Engagement" with the appointed mortgage broker.
COSTS
Applicants should budget for the following costs in their calculations;
1. Lender’s Negotiation Fee-usually 1% of the loan.
2. Valuation fee-to be determined by the property value.
3. Mortgage Broker’s fee-1% of the loan.
4. Legal fees-these should be clarified by the attorney and should include the bank’s lawyers who will prepare the legal documents associated with the mortgage.
PLEASE NOTE THAT THIS INFORMATION WAS DEEMED ACCURATE ON 1 MAY 2005 BUT IS SUBJECT TO CHANGE WITHOUT NOTICE.
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| Your home may be repossessed if you do not keep up repayments on your mortgage
Changes in the exchange rate may increase the sterling equivalent of your debt.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £400 |
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