Copyright

Can someone get mortgage with old pay slips?

Question:

Can someone get mortgage with old pay slips?

Mortgage:

A mortgage is an instrument of debt offered to an individual, and a property of the real estate is used as collateral. The borrower of the money pays it back with a certain interest that was agreed upon for the life of the loan until the whole amount is completed, where they can then own the property. If the borrower declines payment of the loan, the property would be foreclosed and sold to regain the money that was loaned to the borrower.

Answer and Explanation:

During the application for a mortgage, old payslips cannot be used. The lender would want to see the payslips that are three to four months old or...

See full answer below.

Become a Study.com member to unlock this answer! Create your account

View this answer

Learn more about this topic:

Loading...
Buying a House: Mortgage Types & Loan Length

from Finance 102: Personal Finance

Chapter 7 / Lesson 4
8.7K

Related to this Question

Explore our homework questions and answers library