We all need a home of our own. Home is a one-time investment and real estate is the bank of profit if the property chosen by you now delivers enough money in the near future when you plan to sell it. But, coming back to the point, home loan is the best way to get closer to your dream of owning a home.
But as they promote, Home loan is not made available that easily to any investor. A good study of the investor and his income is just the beginning to the home mortgage loan process. So, here are lists of sources, variables etc. that will help you know if you are eligible for a loan.
• For a regular salaried person, the lending partner i.e: Bank or finance companies, they would want to see the current pay stubs as well as tax forms for the past 2 years. If there has been a raise in salary or change in pay in any form, then you are required to get a statement from your boss confirming on the permanency of change.
• You are also eligible to use special case income for eg: amount for overtime or commission etc. These will be income calculation for commercial property loans or home loan. To prove about these additions in your income, it is important that you quantify the same with documents received for commission or overtime of last 2 years. It is also important that a written letter is given by the boss, that you will be expected to continue doing the same.
If the income your earn comes from another source beyond a company i.e a source for a part-time work or a side job, then it is important or mandatory to submit W2 forms for these too.
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