Presented by Paystrubmakr.com By John Wolf and Tom Cullen CPA
World Health Organization
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Wash your hands regularly with soap and water, or clean them with an alcohol-based hand rub.
Maintain at least a 1-meter distance between you and people coughing or sneezing.
Avoid touching your face.
Cover your mouth and nose when coughing or sneezing.
Stay home if you feel unwell.
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Practice physical distancing by avoiding unnecessary travel and staying away from large groups of people.
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Learn about forbearance and your mortgage
Most homeowners can temporarily pause or reduce their mortgage payments if they’re struggling financially.
Forbearance is when your mortgage servicer or lender allows you to pause or reduce your mortgage payments for a limited time while you build back your finances.
For most loans, there will be no additional fees, penalties, or additional interest (beyond scheduled amounts) added to your account, and you do not need to submit additional documentation to qualify. You can simply tell your service that you have a pandemic-related financial hardship.
Forbearance doesn’t mean your payments are forgiven or erased. You are still obligated to repay any missed payments, which, in most cases, maybe repaid over time or when you refinance or sell your home. Before the end of the forbearance, your service will contact you about how to repay the missed payments.
Have you been looking around at homes and finally decided that now this is the right time to buy? Or, have been wondering about ways to qualify for a loan so that you can buy your dream home? If so, you may be thinking about how can you apply for home loans. Applying for a mortgage in today’s economy tends to be a bit trickier than it was a few years ago and this is due to a harder and weaker economy. While it is helpful for the economy for more homes to be sold, the benefit is only if the homes are kept and not lost due to a foreclosure. To help individuals ensure their success for a mortgage, banks are being much stricter and requiring more information than ever.
Many of us don’t know how much information goes into applying for home loans until we are doing it. Individuals get frustrated when the lender or the mortgage broker calls them every day and asks for more information. It gets difficult at times to stop what you are doing and look for information that is needed. If you effectively handle pay stubs where all your information has been put together for the ease to apply for loans, it will not only save your time and energy but every bit of your stress!
Steps to get your Home Loan approved
Here are a few quick steps to help you manage the best position for your home loan approval.
- Keep financial records and organize them in chronological order
Keep financial records, it is important. If you haven’t started, you should start now. To get approved for a home mortgage with fewer headaches and issues, you are required to show all your financial records with a list of expenses that you made. The reason being the bank needs to calculate whether or not you are eligible to repay your loan. If you have your financial records in an organized way, it shows that you are capable enough to repay your loans on time, and you are more likely to be accepted to get a loan.
Unfortunately, many people have inaccurate items on their credit reports and don’t know it. Using the pay stub can help you effectively manage your annual credit report.
- Arrange your employment and income information
When you apply for a home loan, a lender can ask for documentation to support your current and previous employment. Lenders can request copies of 30 days worth of pay stubs, and tax returns and W2’s for the past two years. If you have paperwork prepared in advance, your loan will be underwritten faster and with fewer problems.
What Your Pay Stub Document or Form Should Show
Your pay stub is probably the most important piece of paper you are likely to get. This single piece of paper will provide proof of how many hours you work each pay period; this includes both regular and overtime hours. When added together this figure is your gross pay for the period.
Below your gross pay, your pay stub will show every deduction that has been taken out. These include federal income taxes, Social Security, and Medicare tax deduction. If you have any state and local taxes, these should also be shown. In many cases, people have retirement funds including 401K IRAs and health insurance payments which are taken out before taxes. All of these deductions should be shown, and then the amount that is leftover or your net pay is the last number.
Why Do Banks Need This Information?
If you are applying for any loan, you must be able to provide the lender with both proofs of income and that you have been on the job for a lengthy period. Your pay stub record or form shows them how much you make in a given pay period and if you have kept your stubs in a file you will have proof of job stability.
To know more about how to generate a pay stub to get a loan. Visit https://paystubmakr.com/
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Disclaimer: John Wolf and paystubmakr.com are making a total effort to offer accurate, competent, ethical HR management, employer, and workplace advice. We do not use the words of an attorney, and the content on the site is not given as legal advice. The website has readers from all US states, which all have different laws on these topics. The reader should look for legal advice before taking any action. The information presented on this website is offered as a general guide only.