Guide to Finance

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Proof Of Employment Letter

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Getting a mortgage in today's competitive banking and lending world can be difficult when you have little or no proof of income. Many people that own their own homes can get a mortgage, even with inadequate credit ratings as long as they have an income source. When these things are difficult to prove, a Non Status Mortgage loan arrangement may be required.



Non status mortgage options are for those people who cannot provide proof of an income source when they are applying for a mortgage. Being paid infrequently or unscheduled will make some banks think that you will be unable to make repayments. Owning your home and having a structured settlement or annuity will make it easier to get a non status loan if you are unable to work.

Having bad credit or having an income source that is definite but unscheduled will qualify most people for a non status mortgage. Being able to pay back the loan is more important to the lender than where you are getting your money from. Getting a mortgage loan through this method can be great when you are honest about your income situation. Being dishonest may get you a larger loan, but being unable to repay will be bad for your credit history.

Some advantages to getting a non status mortgage are being approved for a mortgage without providing proof of your income, getting a larger amount based on how much you actually do make and being approved for a non status more easily than a standard mortgage option. Getting a non status mortgage may be a good option if you are unable to get a standard mortgage loan.

Putting your home up for collateral can be considered a high risk decision. Being unable to make repayments will warrant the bank to evict you and sell your home to recover losses on their part. In addition to that, you would have paid anywhere from 5%-20% of a deposit before being able to get the mortgage approved.

Checking out your local lending institutions or banks may give you an idea of whether or not they offer non status mortgages. Many banks and lenders require a visit to your home to determine the value of the home and the available equity on the home. Many banks and lenders have options available online for non status loans that offer greater convenience.

Closing Comments

Getting a non status mortgage loan can be a great help to those who need money right away but have no other options for standard loans. Many lenders are willing to give a non status mortgage to individuals who are able to make the deposit regardless of proof of income.
Proof Of Employment Letter
Preventing a lay off due to the current economic conditions is challenging and sometimes there is very little you can do. Job security seems to be a thing of the past, but there are a number of industries and jobs that tend to be more isolated from the effects of a declining economy. If you are looking for work or are hoping to transition from a risky job to a more recession-proof career path, the following positions may be of interest to you:

Pharmacy Technician

This position requires some education but nothing like becoming a doctor! The need for medicines will grow despite of an economy so there will not be a lower need for pharmacists and staff any time soon. As the ‘baby-boomer' generation enters their retirement years, health issues increase. Plus, there will always be a need for family medicine to cure common viruses and illnesses.

Medical

If you are considering what field of study to enter for college, you may want to consider such medical positions as CNA (Certified Nursing Associates) and Dental Assistants. The health field holds promise not only because of the numbers of people who require these services, but because they are not currently overrun with workers. You can often find entry level positions as a CNA or Dental Assist with great health benefits and reasonable pay.

Public Sector Jobs

Recession doesn't influence police, fire, ambulance, or some positions in the local government. These are good jobs that pay well and offer great benefits, and while it may be difficult to get these positions (usually a degree of politics is involved for being hired), if you can get a position in the public sector you have an improved chance of riding out recessions.

Teacher's Aide

You don't need a college degree to assist a teacher as a teacher's aide. There will always be a need for schools. As teachers and assistants retire, they replace with new employees. Pay is reasonable and often the positions offer benefits. The time off you receive is great since you'll follow the school schedule for the most part, and it makes this position ideal for parents with school aged children.

Child Care

Starting your own unlicensed child care service from your home isn't difficult to do. You may have friends who trust you to watch their children in exchange for a fee. It's even possible to start a licensed child care out of your home with a bit of planning and training. Despite a recession, parents need daycare because most families require that both parents work in order to make ends meet.

Auto Mechanics

Since cars are not going anywhere anytime soon, there will always be a need for automobile mechanics to repair and maintain vehicles. Decreasing economic conditions actually improve the industry outlook for employment because people keep their vehicles longer which causes an increase in necessary repairs.

Computer support and repair

Many jobs in corporations depend on computer specialists to keep their businesses running, but anyone who repairs or supports existing computers will find work to be plentiful as more people attempt to start their own businesses when they are laid off.

If you find yourself laid off from your job, maybe it is time for a change. Try to work in an industry that is more recession proof than others to secure your financial future.
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