What are the requirements for a mortgage application?

To apply for a mortgage with Grand Bank, certain requirements must be met. Firstly, the applicant must provide a completed mortgage application form along with personal identification documents, such as government-issued ID and social security number. Additionally, proof of income is essential, including recent pay stubs, tax returns, and employment history. A credit history report should be submitted, reflecting a good credit score and history of timely payments. The applicant must also disclose their current financial obligations, such as outstanding loans or debts. Collateral details, such as property information and appraisal reports, are necessary for the application. Lastly, a down payment will be required, typically a percentage of the property's purchase price. Meeting these requirements will ensure a smooth mortgage application process with Grand Bank.