Friday, 28 March 2014


Nowadays, a home mortgage is a clever plan to get your very own house. Even people who can afford to buy a property through their own cash tend to adopt to get loans from banks upon home mortgage.Home mortgage is considered to be the most important stage in property ownership.Some of the business oriented people are engaged in property mortgage for business expansion purposes.

In home mortgage, you will not have to spend a big sum from your pocket instantly. All you will have to do is to apply for loan, complete the formalities of the bank and get the loan from the bank on the basis of your economic stability.You must be present at the time the bank/lender comes to talk to you or contacts you.In submitting paper work, a completed accurate information may cause an immediate approval of your application.The Bank/lenders may do an interview, be truthful to them in giving all the financial information they need and even the personal information as well.A broker/agent may help you in gathering the entire required documents.After you have completely settled the amount due to your bank or financial institution,you will become the absolute owner of the house.

Here are some of the requirements you need to comply for getting home loan: 

Application Form:
The first step is to obtain a loan application form from the bank.The application form requires to be filled up completely and to be submitted to the bank along with your photo.

Permanent Address :
You have to give the address where you are residing.Include your alternative addresses if there are any, and if necessary,give your parents address too. The Bank or the lenders need these addresses for the transactions in case you are not reachable.

Social security and account numbers:
Submit a copy of your social security card.Your account numbers in other bank must not have blacklist history.For this reason, you must submit a statement of account wherein the status of your current account appears including your previous accounts for the past 2 years.

Annual Income Form:
This will help the Banks or lenders to determine your financial stability for purposes of quantifying the loan amount to be sanctioned.

Recent Legal Forms:
These forms includes Tax returns copy for the past 2 years, and legal documents whereby proof of termination of the past financial history,like foreclosure, bankruptcy and sales.

Sale agreement:
This contract should be signed by the Seller and the Buyer.This is a very important document which you may use in further transactions.

These documents are to be made available to the banks for sanction of housing loan. Banks and lenders seek for a qualified and trusted loan.All types of loans require these documents to record the relevant information in an orderly manner.You can apply on-line for home loan upon the mortgage of your property.There are several banks and lending institutions which offer various types of loans upon mortgage of your property even on internet since applications can be submitted even through internet.This method is beneficial and handy for borrowers who are busy.

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