A mortgage loan is a type of loan where real estate property (land or building) is used as collateral to secure the loan against default. These types of loans are generally long-term loans, the periodic payments for which are similar to an annuity and calculated according to the time value of money formulae.
Who can get a mortgage loan?
To apply for a mortgage loan singapore, you will have to provide your lender with several financial documents. Having these documents already assembled will help accelerate the processing of your loan application. At a minimum, you should provide your last two pay stubs, your most recent W-2, your last two years of tax returns, and your current bank and brokerage statements.
Refinancing an existing mortgage loan Singapore is similar to obtaining a new one, but there are some differences. When applying for an FHA streamline refinance, the FHA does not require you to obtain a new appraisal or credit verification documents.
For conventional refinancing loans that are not considered “streamlined,” you will probably have to supply more paperwork than you did when you first applied for the loan. This may include tax returns, pay stubs, appraisals, and other documentation required by state law or the lender.
The process may take longer because the underwriters want additional information now that they know more about how responsible you have been with your finances since they gave you your original mortgage. Some lenders will also want proof of any improvements made in your home since it was purchased, such as additions or room remodeling projects.