What documentation do I need to analyze a Mortgage Loan? Home mortgage loans in Oklahoma process involves the presentation of a set of documents that allow evaluating the viability of the operation:
- Proposal for Credit completed and signed, according to identification documents.
- Valid identification documents.
- Taxpayer card.
- Photocopy of the last 3 paychecks.
- Photocopy of bank statements (last 3 or 6 months).
- Photocopy of the last IRS statement and Settlement Note.
- Declaration by the employer to prove contractual linkage and seniority in the company.
- Deed of incorporation of Company or Beginning of Activity (for self-employed or Independent employees).
- 3 last proofs of payment of credit responsibilities (if any).
- Divorce Judgment and Parental Power Regulation Agreement (for divorcees).
- Proof of liquidity or application of equity in the purchase of the Property.
- Proof of other income (if any).
- Photocopy of the Certificate of Real Estate.
- Land Registry of the Property.
- License to use the property.
- Technical File of Housing.
- Proof of liquidation of the IMT.
- Energy and Indoor Air Quality Certificate.
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What happens when the bad credit mortgage loans Oklahoma is approved? If the application for Housing Credit is accepted, the client is provided with the Standardized Information Sheet Approval, a document that reflects the final financial conditions of the loan and that must be used to verify the agreed conditions, the charges with the Housing Credit, the associated costs. All of this information allows customers to make a conscious decision before proceeding to Scripture.
Application of online mortgage loans Oklahoma includes the following information:
- Amount of loan and method of payment.
- Amortization: No. of benefits, periodicity of benefits, amount and date of payment, implications of partial amortization.
- Interest rate: nominal, revisions, effective annual rate, indexing.
- Other expenses: evaluation, notary, records.
- Contractual conditions of the loan with a mortgage: complementary document attached to the FIN.
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It is delivered with the Normalized Information Sheet and is a document that governs the loan contract and which includes all the conditions of the loan. This document will be attached to the public deed. If the client accepts all conditions of the document, a date is set for writing.
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Once the Mortgage Loan is approved, the most anticipated moment arrives the realization of the deed. A public deed is an official act, which establishes the contract for the purchase and sale of the property and its registration of the mortgage (when a Mortgage is contracted). The document reflects the conditions of the contract of purchase and sale of the property and the rights and obligations of the Financial Institution (the creditor) and the customer (borrower).
Currently, there are two ways to execute a deed of purchase and sale of mortgage with a mortgage: in Casa Segura (with a Notary Office that requests all registrations and cancellations online), or in Casa Pronta (next to a land registry office where all acts are done immediately). The deed of mortgage and mortgage, once signed, usually simultaneously with the purchase and sale, will instruct the records of acquisition and mortgage registered with the Land Registry.
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It is at the time of writing that the definitive agreement of purchase and sale of the property is entered into and that the transfer of ownership from the previous owner (seller) to the new owner (buyer) is formalized.
What information should you receive during the term of the Loan?
Throughout the contract will be made available a monthly statement, which includes the following information:
- Amount of capital outstanding at the date of issue of the statement.
- Number, maturity date, value and nominal interest rate of the next installment.
- Step and amount of interest subsidy (if applicable) of the next installment.
- Commissions and expenses payable in the next installment.
The monthly statement allows you to monitor the evolution of the Loan and to know in advance all changes that may occur in the value of the installment, or other charges or charges associated with the Housing Credit agreement. For example, at the time of the interest rate review, changes should be communicated to customers well in advance.
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In case of non-compliance with contractual obligations (for example, in the payment of the monthly installment), the Financial Institution should also inform clients about benefits and other amounts owed, indicating the rates and costs applicable in case of delinquency.
Is your Personal Information protected?
For the Financial Institution to study the loan and be able to formalize it, the clients must communicate some of their data. The treatment of these data is regulated by the Law of Protection of Individuals.
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The Financial Institution must inform the clients about the purpose of the collection of their data and obtain the express consent of the clients for the treatment of the same.
Nevertheless, the Institution must inform customers about their rights concerning the data collected and the Institution’s contacts so that customers can exercise their rights.
The Rights of Clients concerning the data provided to the Financial Institution are:
- Right of access to all your data contained in the Institution’s databases.
- Right to request rectification or cancellation of data.
- Right to object to the processing of your data.
At the time of signing the Credit Proposal, customers authorize, under legal terms, the processing of their Personal Data.