Friday, February 3, 2017

Income Verification Process for mortgage pre-approval and issuance

Posted by Tim
If you do not show enough income on paper, then the bank will not loan you money. Plain and simple, right? If you're a cash-friendly person who derives a substantial portion of your income from cash, then you may encounter some issues on this front. The mortgage lender will determine the amount of of your mortgage by adding up your liabilities (debts) and balancing that with your income. This will determine the size of your mortgage. Before working with the bank for a mortgage pre-approval, you will need all documentation regarding your income. This includes: W2 and any other sources of income that you want the bank to take into account. If you believe that a mortgage is something you want in the foreseeable future, then begin gathering all incomes documentation immediately. Also, retain a few months of pay-stubs from your employer. The bank can also take into bonus income by averaging the amount of the bonus you received for the last few years.

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