Mortgage lenders often work with international clients and must translate foreign documents to English so that they can be used for processing a loan. In order to do so, the translations must be certified. In today’s article, we will discuss what a certified translation is and different uses of certified translations in a financial context.
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 lending 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.
Certified financial translations are often necessary for foreign national buyers of real estate in the United States. If the buyers are from a non-English speaking country, their financial statements, bank statements, company documentation, income information, etc. will be in another language. In order for 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. Numbers are key here, as a misplaced comma or period could change the outcome of a borrower’s eligibility. Thus, it is important to hire a company that understands how to localize numbers to the English language, as different countries have different ways of writing numbers.
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.
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 end recipient. At CSH Translation, we specialize in legal and financial translations and would be happy to assist you with translating financial documents for mortgage lending.
Questions? info@cshtranslation.com