How can I apply for a mortgage if my income is not enough?
1, increase your extra income.
Many people think that income is salary. In fact, some banks recognize your other income. Therefore, you can recall the extra income you once had in your name. Some people often ignore the subsidies or year-end awards issued by the unit, which should actually be included in your income. You must have relevant documents, otherwise the bank will not admit it.
2. Add co-borrower
When a single person applies for a loan, the income is most likely to be insufficient. The usual method adopted by banks is to ask borrowers to increase co-borrower. Co-borrower must be the immediate family member of the borrower. You can try to find your parents. Married people can find a wife or husband to borrow money together.
3. Extend the loan term
Under normal circumstances, the mortgage loan can be applied for up to 30 years. The longer the loan time, the more the total interest will be generated, but the less the repayment pressure every month. Therefore, if the customer's income is insufficient, he can try to choose a longer loan term, so that his income can cover the monthly loan payment and help the mortgage payment smoothly.
Buy a house with a lower total price.
When buying a house, customers can choose to buy a house with a lower total price if they are worried that their mortgage application will not pass due to insufficient income, so that their dependence on mortgage finance will be reduced under the premise that the down payment amount remains unchanged, which will also make banks or provident fund centers lower their income requirements.
5. Increase the down payment ratio
If the customer's economy allows, the down payment ratio can be appropriately increased, and the original 30% down payment can be increased to more, which can also reduce the bank's requirements for its own income, but the reorganization of the down payment ratio requires customers to have certain economic strength.
Therefore, even if your income is not enough, you can help yourself successfully apply for a mortgage loan in other ways.