Banks and mortgage lenders often work with foreign national clients and must translate foreign documents to English so that they can be used for processing a loan. If the buyers are from a non-English speaking country, it is likely their documentation will be in another language. In order for banks or lenders to determine the borrower’s eligibility to qualify for a loan, they will need to analyze all of these documents and thus, they must be translated to English and certified. In today’s article, we will discuss what a certified translation is and why they are necessary in the lending process.
A certified translation in the United States must be accompanied by a certificate of translation by the translator stating that the translation has been completed accurately. With this certificate, the translations are valid in a court of law, government body or financial institution in the United States. It is important to ensure that financial translations are correctly certified to ensure the loan process is not delayed. Furthermore, it is important to hire a translation company that specializes in financial translation services to ensure mistranslations do not derail the mortgage lending process.
Some common documents that require translation for foreign national buyers include: passports, IDs, bank statements, articles of incorporation, purchase and sale agreements, contracts, pay stubs, letters of reference and more. All of these documents must be precisely translated to ensure the lender has all of the information they need in order to make a decision on the borrower’s eligibility.
Sometimes, financial documentation can be lengthy and not all information requires translation. The loan processor or underwriter will be able to determine which information is necessary, and at CSH Translation, we work with mortgage lenders to ensure only the necessary information is translated. In some cases, a summary translation is possible. In other cases, lenders need to see all text translated in documents. This can be determined on a case-by-case basis.
Whether it is a simple financial statement or a complex set of documents, the accurate translation of financial documents is crucial to any mortgage lending process. Moreover, the certification of financial documents is an important step that is necessary to ensure the documents are accepted by the bank or mortgage lender. At CSH Translation, we specialize in legal and financial translations and would be happy to assist you with certified translations for mortgages.
Questions? info@cshtranslation.com