When I was young, I want to buy a new house. I tried to find a new house in the location that I like. I found many beautiful houses with high price. It is obvious that I want to buy the certain house that I like. However, at that time, I realized that I did not have enough money to purchase the house. It was quite disappointing since I really want the house. I even imagined living there. When I was confused, a friend of mine told me to get a mortgage. Well, it was the solution I needed so I searched more about first mortgage.
I have never applied for mortgage before. That is why I did not know how much of a mortgage can I afford with the salary I have every month. After that, I tried to search more information about it. Here, I would like to share my first mortgage experience so that you will be able to know what to do if you want to apply for house mortgage. The first thing that you will need is prequalification for the mortgage that you are going to apply. Here, it is very helpful if you are already qualified for the first stage.
In my experience, in order to get my pre-qualification, I prepared my proof of income. At that time, many articles said that my paycheck will affect how much of a mortgage can I afford with such amount of income. The paycheck that should be prepared is not the recent one. At least, it is better for you to prepare your paycheck since two years before. I was quite prepared for this. I also prepared additional income that might be useful to ensure the lenders that I have enough income to pay the debt. This is the very first thing you have to prepare.
Besides the proof of income, I also prepared proof of my assets. Since it was the very first time I bought a house, I used bank statement as the proof of my assets. In short, it can be a proof that you can pay the down payment of the house that you are going to pay. Even though it is different from one lender to others, you might need to prepare at least 3.5% of the house price as the down payment. That is why your asset is important even though it is just a bank statement.
Verfication from Work Place
Last but not least, I also attached employment verification I got from my workplace. It should be attached since it will be a proof that you are a worker, not a jobless person. A working person is obviously more than enough as the proof that you will be able to pay the monthly payment. These three things are essential if you are a first mortgager. After I prepared these three items, I got the chance to know how much of a mortgage can I afford for my mortgage. In a short time, I got my mortgage approved without getting any problem.