In the broad, diverse world of real estate, there are renters, property owners, and real estate investors. As a homeowner, the economy is continuously shifting as we witness changes in law and information that we see in news lines. From the television to the internet, we are regularly reminded of different courses advertised on YouTube and the progressive increases in bitcoin.
We know that these are frequent distractions in our daily life. However, does this help you generate income to do more with your money?
If you’re looking to create more income through owning more real estate property, FCBA has five ways on how to qualify for a home loan to get you more real estate property.
5 ways to qualify for a home loan
Your mortgage broker will need proof that you have the means of repaying the loan. Other factors, including your annual income, will be considered. All parties such as you or anyone else applying for the loan must submit documentation for verification. At the very least the lender will ask for 30 day’s pay stubs, two year’s W-2’s and two years tax returns. If you are self-employed, you will be asked to provide your profit and loss statements.
During the application process, it is necessary to realize that there are extra forms of revenue other than your income a lender may consider. The most widely recognized sources are:
Interest Payments and Dividends
The earnings you get from interest payments and dividends may qualify as income. Commonly, you should submit two years proof of ownership of the asset that is creating the funds.
Money collected from long-term disability payments and dividends may qualify as income, depending on the length of time scheduled to receive them. You will need a copy of your disability documents for your lender to review.
Social Security and Pensions
While applying for a loan after retirement, your social security and pension payments will be used as income. Be prepared to introduce supporting documents.
On the off chance that you get compensation from real estate you claim all the time, you might have the capacity to use this income. This income must be reported on your income tax forms
Seasonal or Part-time Employment
In the event that you have a means for acquiring additional money, for example, seasonal work or a part-time job, and have done so for no less than two years, your lender may allow you to incorporate this as part of your income. Ordinarily, lenders will require proof that this income will continue in the future.
How many sources of income do you have? How many can you generate? After you have identified each source of income you can make, contact us for access to a best seller book on mortgages to get started generating more revenue for yourself.