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.
For more details,
No comments:
Post a Comment