How to Apply for a Home Loan

Once you find a home that meets your preferences, needs and budget, it’s time to apply for your loan. You’ll need to select the type of home you desire and complete an application. Depending on the choice of home... Read More

Find out how to apply for a home loan with BlacPay digital application experience

BlacPay Homes creating wealth, access and ownership
Owning a property is one pathway towards prosperity and financial freedom, not too often do majority gain access. At BlacPay Homes our goal is to level the play field and eliminate those obstacles and bridge the gap, giving everyone an opportunity at owning a property.

What you’ll need

You and your co-borrower, if you have one, will need to provide your BlacPay with documentation to verify your employment history, creditworthiness and overall financial situation. Before completing an application, you’ll want to ensure you have these 6 things:

  • Work contract or business account setup (for the last 2 years)
  • Recent pay stubs (covering the most recent 30 days)
  • Complete bank statements for all financial accounts,
    including investments (for the last 2 months)
  • Signed personal and business tax returns (all pages and
    relevant schedules)
  • If self-employed, a copy of most recent quarterly or
    year-to-date profit/loss statement
  • A copy of the signed Purchase and Sales Agreement



BlacPay Rent to Own Steps


Step 1: Complete an application
It’s free, fast, and won’t impact your credit score, but every applicate will pay for a compulsory background check. It takes few minutes to pre-qualify after filling the forms.

Step 2: Get approved for a budget
Once you’re approved, you’ll receive a mail with the approved budget to go property shopping.

Step 3: Choose your dream property
Partner with a realtor to find your dream property. Choose from any property on the market that meets your approved budget you qualified for.

Step 4: BlacPay pays for the property
We’ll pay for the home in cash and cover all fees, closing costs, taxes and insurance. All we need is a down payment of 1-2%.

Step 5: Move in and save
Move into your BlacPay home and start saving to gradually build up ownership of the home. Most of our customers are able to become mortgage-eligible within two and half years.

Step 6: Buy the property or pathways with money
At any time you can choose to either buy back the property with the money you’ve saved, or vacate the property and cash out your savings.

BlacPay may require more documents, depending on your circumstances and the type of home loan for which you’re applying. You can expect BlacPay to ask you for details about your employment and financial history. With your permission, BlacPay will also run your background and credit report as part of the process. See how your background check can affect your home rate. Be sure to take your time and carefully fill out the application as completely and accurately as possible. Not disclosing background check or credit problems up-front or holding back requested documents will only delay the process and potentially prevent home loan approval, so it’s to your benefit to fully disclose everything about you and your finances.

Locking in your interest rate

Since interest rates fluctuate frequently, things can change between the day you apply for your loan and the day you close. If you want to protect yourself against rising interest rates and ensure that the loan terms you used to build your budget are locked, you might consider locking in your rate with BlacPay when you fill out your loan application. A rate lock, also known as a rate commitment, is BlacPay’s assurance that the interest rate and discount points are guaranteed until the rate lock expiration date. BlacPay will provide the terms of the rate lock to you in writing, including the agreed-upon single interest rate, the length of the lock and any discount points you choose to pay.

Learn more about discount reward points

Of course, if you believe that interest rates will decrease in the near future, waiting to lock your rate may make sense to you. In the end, it’s a personal choice when to lock your rate. The rate must be locked prior to the BlacPay preparing your closing documents. Talk to BlacPay about the choice that best suits your needs and your preferences.

Our motivation:
the home mortgage industry is old fashioned or in some cases non-existence. Property buying requirements comes with loads of roadblocks stricter rules while we experience a shift in our economic lives. Currently, millions of individuals don’t have access to property ownership, not because they can’t meet their payment obligation but because they just don’t have access. Our mission is to change that. Welcome to BlacPay your access point to homeownership!

BlacPay Homes Mission
We are a group of trade experts, and technologists with one mission only: To create property ownership for all.

Home Loan Application

2 Bed Room

2 Bed Room

How to Apply for a Home Loan

Once you find a home that meets your preferences, needs and budget, it’s time to apply for your loan. You’ll need to select the type of home you desire and complete an application.

3 Bed Room

3 Bed Room

How to Apply for a Home Loan

Once you find a home that meets your preferences, needs and budget, it’s time to apply for your loan. You’ll need to select the type of home you desire and complete an application.

4 Bed Room

4 Bed Room

How to Apply for a Home Loan

Once you find a home that meets your preferences, needs and budget, it’s time to apply for your loan. You’ll need to select the type of home you desire and complete an application.