Why it is important to perform rental verification
Are you looking to rent out an apartment or a house in a new city. Once you are fixed with an apartment for rent, you will be required to demonstrate the landlord that you have a good job and you are financially sound. The landlord will try to get a complete picture of you, how loyal you are, your character and whether you can pay the rent reliably. This is what rental verification means. Most types of rental application will ask you to provide information regarding criminal background checks, credit check, your work history, your financial position and personal reference. The landlord can reject your application if he is not satisfied with your ability to provide them rent on the correct date and due to bad credit score. Some landlord will also enforce their own rules like not allowing to smoke and to keep pets on the premises.
Importance of rental verification
Most people rent an apartment from a private landlord on the basis of agreement, they will pay monthly rent. Majority of renters don’t pay their monthly rent by bank check and they prefer paying cash. Rental verification is an important factor when you provide to a mortgage lender. Verification of rent gives more weightage for the approval process of the mortgage. Rental verification is important because it helps eliminate payment shock. It eliminates the risk and mortgage underwriters and you can easily ease paying the rent and new mortgage payment. There are certain cases in which verification of rent becomes mandatory such as mortgage loan approval.