Can I use a loan to buy a house without proof of work and income?

by Mortgage February. 26,2023
Can I use a loan to buy a house without proof of work and income?

Home loans are a way to buy a home that many people use. Especially now that house prices are so high and the amount of buying a house is high. Most people are even less likely to buy a whole house. So how do you buy a home with a loan depending on your situation?


The first is that your previous income stream can prove your income


Self-employment has become a way of life and a way of working. So there will be many types of income certificates. As a self-employed person, if you do not have a source of income, it is certainly not possible to apply for a home mortgage loan in a bank, but if you have a source of income which is not if stable, it can also be used as proof of your income. You can take you for almost three years The bank turnover of your income is printed to prove your income status in the last three years. The bank can also check the stability of your income and determine your repayment capacity based on your turnover.


The second is that you can take out a mortgage if you have a home


If you now have a house, you can use the current house to make a mortgage and use the mortgage to buy a house. However, due to the current restrictions of the consumer credit policy, it is very difficult to know if it can pass the loan approval.


The third is to use your titles to pledge loans


If you have stocks, bonds, treasury bills, other marketable securities or valuables to pledge, of course, you can also use term deposit certificates to secure loans. These securities have high liquidity, and banks and financial institutions can be financed.


Fourth, use your equity to pledge loans


If you have investments in industry and businesses, and you have stocks, you can also use your equity capital as collateral. After appraisal, you can usually make loans with a financing ratio of 50 to 65%.


Of course, there are many ways to finance. There are many financing platforms that can provide financing, but generally the interest rate is relatively high and the cost of buying a home as a loan is too high; and the term of the loan is usually relatively short, mainly within a year, so it is used as a source of funds to buy a house. Brief help, so it is not recommended to use.