【Exclusive】Self-employed individuals face increased difficulty in purchasing property! Mortgage applications now require three types of income proof!
Revealing the approval requirements of mortgage companies
If you are a self-employed individual looking to apply for a mortgage to purchase your own property, it is important to understand the approval requirements of mortgage companies. Today, I will share with you the three main income proof documents required by mortgage companies for approval.
Firstly, you need to provide the latest tax return for the past year. This document can prove your income and tax payments, which is a crucial proof of income document. If your tax return shows a stable income, the mortgage company can determine that you have sufficient repayment ability.
Secondly, the mortgage company requires the latest audited financial statements for the past year. This document can reflect your company's financial status, such as net profit, cash flow, etc., and can also confirm whether your company has sufficient funding sources to support the repayment plan. Through this financial statement, the mortgage company can assess your repayment risk.
Finally, the mortgage company will ask you to provide the main bank transaction records for the company for the past six months, and the account must reflect 80-90% of the company's business turnover. This document can prove that your company has sufficient operational activities to support your repayment ability. If the transaction records show insufficient turnover, the mortgage company will consider your repayment risk to be higher.
Overall, the above three types of documents are very important because they can prove your repayment ability, company financial status, and operational activities. Mortgage companies require these documents to confirm that you have continuous operational ability. Therefore, if you are a self-employed individual, you must ensure that you have these documents in order to smoothly apply for a mortgage loan.