When could translation of credit agreements and other documents turn out to be necessary in the bank loan process? Is legal translation of documents a must in banking procedures? Why is it worth ordering such a service with a sworn translator? Is translation of financial statements always required to get a bank loan? What is bank documentation used for? Read this article to find out more!
When will you need a translation of loan or credit documents?
Translation of loan and credit documents is indispensable when a person applying for a mortgage loan in a bank submits documents in a foreign language, or when a financial institution requires them in a local language. One of the documents required by mortgage lenders is bank statement translation. Based on this document, they can assess your monthly income and expenditures and decide whether you are financially stable and will be able to repay the mortgage loan. Other documents may include:
- income certificate,
- employment contract,
- insurance documents,
- property valuation.
Also assignment of insurance policy for the benefit of a bank, life insurance or property insurance must be translated appropriately to fulfil formal requirements of a bank. Furthermore, assistance of translator of the English language can be required during signing of a loan or credit agreement, in particular when a client is not fluent in the language in which the documents have been drawn up. Thanks to this, the process is more transparent and compliant with legal provisions.
Credit agreement – what to pay attention to before signing:
Source: iStock
Are certified translations of bank documents really necessary?
Certified translations of bank documents are frequently required by financial institutions, in particular in case of mortgage loans. They guarantee that a translation is precise, compliant with applicable provisions and that it has legal validity. A document translation formally confirmed with a seal of a sworn translator is accepted by banks and other offices. Translation of official documents for credit purposes is a key element of the process due to substantial amount of money you apply for. To put your mind at ease, it is worth ordering English bank statement translation services with professionals who can boast years of experience in legal and financial translation. With the right choice you can rest assured that all details, clauses and obligations have been faithfully translated. What is more, experienced sworn translators are often familiar with the specificity of financial documents which speeds up the process and minimises the risk of errors which could delay you credit procedures.
Source: iStock
Loan documents – what makes a translator helpful?
Apart from translation of documents needed for mortgage loan agreement in a bank, it is the life insurance policy, assignment of insurance policy to the bank, or a document confirming insurance of a property that must also be translated into a foreign language.
Apart from written translations, interpreting services are also required during signing of a mortgage loan agreement in a bank. Interpreting services from Polish to English are also provided by sworn translators. It is worth finding a professional who can provide you with both, translation and interpreting services. Do you wonder how to get documents translated into English in a way that allows for their recognition by banks and other institutions? Do you need the assistance of an interpreter when finalizing bank transactions? You are welcome to use the services of the Office of a Sworn Translator and Interpreter of the English Language Jacek Kasprzyk. He has extensive experience in translation of official documents as well as in real-time interpreting of formal meetings.
FAQ
How much does 1 page of a sworn translation cost?
It is always worth asking for price estimation and its justification from a translator from whom you would like to order a service. In Poland, price per page of a certified translation usually ranges from PLN 50 to even PLN 100, depending on a language and level of complexity of a given text.
How much does translation of documents cost?
The cost of translation of documents depends on their number, the amount of text, language of translation and type of translation (standard or certified). In case of certified translations, a unit of account is a calculation page (1125 characters) and its costs usually ranges from PLN 50 to over PLN 100. It is always worth asking for price estimation and its justification from a translator from whom you would like to order a service. What is the difference between a standard and certified translation?
A certified translation is certified with a seal and signature of a sworn translator which ensures legal validity of a document and can be used for the purpose of official procedures in public offices and institutions. A standard translation does not have the official status and can be used for information only.