Proof of Residency Acceptable for Mortgage Application
Proof of residency is one of the documents you will be asked to submit before any financial institution can process your application for mortgage. The essence of this is just for the financial institution to ascertain where you live. At times, people are confused about the document they can tender as a valid proof of residency. That is why we are providing you with this information. Below are the documents that you can use as a proof of address.
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Proof of Residency
- Utility bill: Your current utility bills such as electricity, water, gas, telephone and cable can be used as a proof of residency. However, the bill has to be current, that is not older than three months. Please note that financial institutions may not accept wireless telephone bills. Some will insist on landline bill. The bill has to show your name and address before it can qualify for a proof of address.
- Insurance policy document: Your current insurance policy such as auto insurance, health or life insurance policy can be used as your proof of residency.
- Statement or correspondence form financial institution: Statement from bank, credit union or a credit card company is another good proof of address. But the statement must be from another financial institution that is different from the one you are applying to for mortgage loan. If you print out the statement online by yourself, you will need to get it stamped by the bank.
- Statement of account issued by ISP: Statement from your internet service provider can also be used as a proof of residency. This must also bear your name and address.
- Rental or tenancy agreement: You can use a rental or tenancy agreement that has not expired as a proof of address. The agreement has to be signed by the two parties.
- Correspondence from government agency: Any current correspondence to you by government agency can be used as your residency proof. It can be a correspondence from a local tax authority.
You should understand that you don’t need to provide all the documents mentioned above. One or two should be enough. Financial institution may still accept other documents as a proof of residency. The ones listed in this article are just to provide you a guide.