Should You Show a Mortgage Company Your Deed, Title to Land, and Car?

When applying for a mortgage, lenders will scrutinize various aspects of your financial situation to assess your creditworthiness and ability to repay the loan. One crucial aspect they'll examine is your asset portfolio, which often includes properties and vehicles. In this context, you may be asked to provide documentation such as your deed, land title, and car title. Let's explore when and why you should share these documents with a mortgage company.

Understanding the Importance of Deeds and Titles

A deed is a legal document that establishes your ownership of a property, while a title serves as evidence of your ownership rights over a vehicle. Mortgage companies require these documents to verify that you indeed own the assets you've claimed and to evaluate the equity you hold in them.

The Role of Deeds

Sharing your deed with a mortgage company is essential for several reasons:

  1. Proof of Ownership: A deed confirms that you are the rightful owner of the property you intend to use as collateral for the mortgage loan.
  2. Equity Evaluation: By reviewing the deed, the lender can determine the value of the property and calculate the equity you hold, which factors into their lending decision.
  3. Title Search: Providing the deed allows the lender to conduct a title search, ensuring there are no outstanding liens, encumbrances, or disputes over the property's ownership.

The Significance of Titles

Similarly, providing your car title(s) to a mortgage company serves important purposes:

  1. Asset Verification: The title confirms that you legally own the vehicle(s) listed as part of your asset portfolio.
  2. Equity Assessment: Depending on the value and age of your car(s), the lender may consider the equity you hold in them when evaluating your overall financial standing.
  3. Loan Collateral: In some cases, a lender may request that you use your car as additional collateral for the mortgage loan, making the title a necessary document.

When to Provide Deeds, Land Titles, and Car Titles

Typically, mortgage companies will request these documents during the loan application and underwriting process. However, the specific timing may vary depending on the lender's policies and the type of mortgage you're seeking.

During the Application Process

When you initially apply for a mortgage, the lender will likely ask you to provide a list of your assets, including properties and vehicles. At this stage, you may need to submit copies of your deeds, land titles, and car titles to substantiate your claims.

During Underwriting

Once your loan application is under review, the underwriting team will conduct a thorough analysis of your financial situation, including verifying the ownership and value of your assets. This is when they'll request original or certified copies of your deeds, land titles, and car titles for further examination.

Refinancing or Home Equity Loans

If you're refinancing an existing mortgage or applying for a home equity loan, the lender will definitely require your deed and potentially your car title(s). Since these loans involve using your home's equity as collateral, the lender needs to confirm your ownership and assess the property's value.

Tips for a Smooth Experience

To ensure a hassle-free process when providing your deeds, land titles, and car titles to a mortgage company, consider the following tips:

  1. Gather Documents Early: Compile all the necessary documents as soon as you decide to apply for a mortgage. This will save you time and prevent delays in the application process.
  2. Make Copies: While you'll likely need to provide original documents, it's always wise to keep copies for your records.
  3. Explain Discrepancies: If there are any discrepancies or unusual circumstances related to your deeds, land titles, or car titles, be prepared to provide explanations to the lender.
  4. Respond Promptly: When the mortgage company requests these documents, respond promptly to keep the process moving forward.
  5. Consider Digital Options: Some lenders may accept digital copies of these documents, which can simplify the submission process.

Conclusion

Providing your deed, land title, and car title to a mortgage company is often a necessary step in the loan approval process. These documents serve as crucial evidence of your asset ownership and help lenders assess your overall financial standing. By understanding the importance of these documents and following the tips outlined above, you can navigate the mortgage application process with confidence and increase your chances of securing the desired loan.

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