In the United States, applying for a mortgage typically requires a generous amount of paperwork. Applications from foreign national buyers may require additional documentation to verify assets from another country, creditworthiness and legal status. As part of the mortgage application for foreign national buyers, all of the documentation submitted must be in English and contain a certified translation. In this way, financial institutions can verify the information needed in order to process the loan. In today’s article, we will discuss what a certified translation consists of and common documentation required for foreign national buyers.
A certified translation is a document in which the contents are translated exactly in accordance with the original. It does not omit any information from the original document, and similarly, does not add any information that is not contained in the original document. The certified translation must include all stamps, signatures and seals that appear in the original; these are key as they typically contain verifying information from the issuing entity.
A certified translation must be accompanied by a statement certifying that the translator has completed the translation accurately and to the best of their ability. Translations certified in the United States are valid anywhere in the 50 United States, regardless of the state where the document was certified, unless the end user indicates otherwise. Notarization is not typically required, although depending on the end recipient, it may be necessary. It is always recommended to verify the requirements with the end recipients in advance.
Mortgage applications for foreign national buyers often contain various requirements to verify income, legal status and assets. If the documents are in a language other than English, they will likely need to be translated and certified, so that the lender can accurately review the application. Common documentation required for foreign national buyers includes, but is not limited to:
Proof of income
Tax returns
Income letters from accountants
Banking or credit reference letters from the borrower’s financial institution
Recent bank statements
Passport and identity documents
Purchasing property in the United States is an important step in a person’s life and consequently, it is fundamental to hire a translation company that has expertise in handling mortgage documentation. Supporting documentation for mortgage documents can contain complex financial and legal terminology, and the correct translation of these documents weighs heavily on the approval process of a foreign national loan.
Whether the transaction involves a single-family home or a multi-property investment, at CSH Translation, we are accustomed to working with foreign national buyers and lenders to efficiently and accurately translate documents from foreign national borrowers. If you have any questions about certified translations for foreign national buyers, please contact us at info@cshtranslation.com