What does a borrower typically provide for loan approval?

A borrower typically provides documented proof of income and assets for loan approval because lenders need to assess the borrower's financial stability and ability to repay the loan. This documentation can include pay stubs, W-2 forms, bank statements, and tax returns. These records help the lender evaluate the borrower’s income level, employment status, and overall financial situation, which are crucial factors in determining the borrower's creditworthiness.

Providing only a verbal agreement would not be sufficient, as lenders require tangible evidence to support loan applications. A credit check is a part of the process, but it alone does not provide a complete picture of the borrower's financial responsibility. Additionally, a list of previous addresses may be requested for background checks or identity verification purposes, but it does not directly contribute to assessing the borrower's ability to repay the mortgage. Therefore, documented proof of income and assets is essential for securing loan approval.