Borrowers seeking to a mortgage to buy or re-finance a property have to be approved by a lender getting their financing. Financial institutions need to verify the brand new borrower’s financial guidance and could need a proof or confirmation out-of put (POD/VOD) function are complete and sent to the fresh new borrower’s bank. A proof of put may require the fresh debtor so you’re able to furnish from the minimum two months away from lender statements towards the lending company.
Trick Takeaways
- Mortgage brokers want financial information out-of prospective individuals when making their decision whether or not to expand borrowing from the bank.