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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