There has been a myth amongst most of the individuals "Interest Rates are going up and are high" in these unprecedented times. Will I qualify and What interest rates will we get?
Even though, due to loss of jobs and layoffs, we can work together to get the numbers right and in your favour. There are couple of steps which the borrowers need to keep in mind
1. Employment letter - wording is very important. Let the lender know that you still hold the job and will be back in business once the situation improves.
2. Pay stubs and Deposits - show a clear deposits of your income and pay showing in your bank statement.
3. Any other source of income - This helps in building your profile and adds income to your earnings.
4. Paying 5% or 10% down, will qualify for lower interest rate.
There are more steps and each funding is case to case basis, so don't hold yourself back and let me help you explain how things would work.
This is the right time to invest and build your home.