How to Buy a House with Minimum Income

HypotecBuying a home with a minimum income might seem like a burden to many people, especially if they are young, have just started new jobs and do not have a lot of money saved up. They consider getting a loan from banks. They might also try to get loans from unreliable places that may prove harmful for them in the future.

Getting A Loan from Hypotec

For first-timers, knowing the right place to borrow money and following the right plan is important. Hypotec is the company that helps you do so.

Hypotec guides you through the process of buying a home and educates you about choices along the way. The company helps new buyers properly evaluate their choices and needs, and allows them to make informed decisions. It also makes sure buyers are able to select the best mortgage option for their dream home.

Hypotec provides customized options to customers about mortgage and loan payments. It collects customers’ financial details and offers them a plan  suitable for their specific situation. In this way customers learn the pros and cons of the plan they are opting for before making a final decision.

To ensure that the customers are being well-informed, Hypotec makes sure the staff is properly trained. They conduct training sessions to make sure the employees know every single thing about their products, so customers do not get confused at any point. Customers can always contact the support team by calling or emailing them if they have any queries.

Hypotec has made sure that it is easy for the customers to get information and contact them. Because of this, they have embedded a digital mortgage technology with their Refinance and Home Purchase processes. This method makes it easier, simpler and secure for the customers to get information and buy a variety of products.

Requirements for Loan Application

The loan application is a serious process and is sometimes time consuming. That is why before you apply for the loan from Hypotec, you should make sure that you have all the required documents. These documents should be verified beforehand so that the application process runs smoothly without any issues.

The list of documents that you should have before you apply for a loan are given below.

  • Tax return reports of the last two years.

  • W-2 returns reports of the previous 2 years.

  •  If you are not working under any company and have your own business, then a copy of business license and 1099s.

  • All pages of the Bank statement of every account you have.

  • Pay stubs (Minimum 30 days)

  • All the explanations of credit reports (if any).

  • Separation Agreement or Divorce Decree (If available)

  • Contract of Executed Purchase

  • Explanation of any amount more than $1000 credited into the account from sources other than regular jobs.

  • Driver’s license copy.

  • Recent tax statement of all the owned properties.  Declaration page of insurance and Mortgage statement.

  • Copy of purchase contract and Earnest money check.

After you have collected all of these documents, you can contact the Hypotec Company and start the application process for taking out a loan.

Steps for Applying

If you have chosen Hypotec for buying your ideal house, then that’s great. You do not have to follow many complicated procedures or requirements for applying. Following are steps you have to take to buy your dream home

  1. Contact Hypotec through their Contact Number or Email address available on the official website.

  2. Send your official documentation and requirements to the company.

  3. A pre-approval for the mortgage is sent to you which you can verify.

  4. After that, search for the house that is according to your requirements.

  5. When you have found the perfect house, apply for the purchase contract.

  6. The company provides you initial disclosures which you have to sign.

  7. The application for loan is submitted.

  8. After some time, if all the necessary requirements and documentation are complete, the loan application is approved.

  9. Any other extra requirements are fulfilled by the company and finally the company goes to Closing.

Tips to Consider

There are some tips that you should consider before you apply for Hypotec. It will ensure that your loan application is processed without any issues and you can be approved for a loan as soon as possible. They are given as follows.

  1. Make sure that you do not change your jobs during the process.

  2. Make sure that you do not change or deactivate your bank account.

  3. Keep on using your credit card like you normally would.

  4. Do not deactivate your credit card accounts.

  5. There is no need to apply for a new credit specifically for loans.

  6. You should avoid making any large purchases with your credit cards.

  7. Try not to change your house or address while you are applying for a loan.

  8. If you have any issues or queries, try to contact Hypotec whenever you want. They will definitely help you with your problems.

  9. Make sure to pay all of your taxes, judgments or collections of one year before applying for the loan.

  10. Try not to credit large amounts of money into your account which you are using for taking the loan.

  11. Try not to do anything suspicious which raises red flags and complicates the process. Hypotec wants to give you the loan but such activities will make it harder for them to do so.

For many people out there, buying a new house and getting a loan for it might be a big decision and not easy, but Hypotec makes it easier.

Shift Frequency © 2021 – How to Buy a House with
Minimum Income

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.