| In spite of economic difficulties, many families still | | | | commission basis or you are self-employed, then you |
| want to acquire homes for their future family. Newly | | | | will probably need more documents that will provide |
| married couples are usually the ones that are more | | | | information of your income. If you are a retired |
| inclined to buying a new home of their own. But most | | | | employee, you can provide your social security |
| of the time, they do not have enough savings to buy | | | | reports or pension reports. |
| their homes on full payment. So for those couples | | | | 2. Bank accounts. Savings and checking accounts (if |
| who are venturing on a home hunt, you might want | | | | any) are also usually asked for by banks. They usually |
| to know some things that are essential in the real | | | | need bank account statements for the last three |
| estate market like a home mortgage. | | | | months prior to application for the loan. |
| What is a home mortgage? | | | | 3. Lease forms of the primary resident. Banks also |
| Home mortgage is pledging your home or property | | | | asks for the lease forms of your primary residence |
| to creditors in order for you to pay some other | | | | including the name and contact number of the |
| obligations. You can pledge your property in a specific | | | | landlord so they can verify your promptness in paying |
| length of time or you can pledge it in conditional basis. | | | | rents. The lease for should also be signed by the |
| But before you can mortgage your homes, you must | | | | landlord. |
| need to provide the creditors some of these | | | | 4. Employment verification form. This form will contain |
| necessary documents. Your creditors will usually be a | | | | details with regards to your salary, the length of time |
| bank or a mortgage lender. You will also need to | | | | you have been employed by the company, and |
| provide necessary information like your home | | | | whether changes in your salary income or a possible |
| address and legal name. The bank or the mortgage | | | | promotion. The employment verification form can be |
| lender will have to verify the information and | | | | provided to you by your employer. |
| documents you provided. Once all is clear, you can | | | | 5. Tax return documents. Most banks usually ask for |
| proceed with the mortgaging, if not, then the | | | | tax returns for the last three years but others just |
| creditors will usually ask for more documents so that | | | | needs one year tax return documents. But you must |
| they can verify you financial capacity. The | | | | be able to submit full tax returns if needed. |
| documents that most creditors ask for are the | | | | Applying for home mortgage is not that easy. The |
| following: | | | | process is usually long and it takes time for them to |
| 1. Pay stubs. Most creditors will want to see copies | | | | verify and weight your capacity in paying for the |
| of your pay stubs three months before applying for | | | | interest in mortgage. Banks really have high and tight |
| the loan. If your work involves payment through | | | | standards for approving a home mortgage. |