MJbanner2

Wednesday, August 20, 2014

Mortgage Application Tips #2 - Proving your Employment and Income

Last week we discussed the basic information that you would need to bring with you in order to begin filling out your mortgage application.  Among those things is proof of your employment and income. These are very important things to lenders. Your ability to make the monthly payments on the mortgage and to afford the costs associated with owning a home are vital to the approval process.

Things to prove:

  • At least two years employment history. We will want to know all about your job including your employer's name and address, your job title or position, length of time of the job, salary, bonuses, commissions, and average overtime pay.
  • Recent one full month's paycheck stubs and Federal W-2 forms for the past two years. Keep in mind that you might also need to show full Federal tax returns if you own rental property, are self-employed or are commission based.
  • Records of dividends and interest received from investment.
  • If you are self employed, we will need full tax returns and financial statements for two years. Also, you will need to have your profit-and-loss statement for the current year to date.
  • A written explanation for any possible gaps in your employment record. This may be due to illness or layoff or other circumstances.
  • If you are relying on income from other sources, proof of this will be needed. This may include rental property, Social Security, disability payments, child support, etc.

Once we have all that information, we will have you sign a general credit authorization, which will be sent to your employer to verify that everything you told us is true. We may also do this over the phone. Remember to bring all of those things and we will take care of the rest!

If you have any questions or would like our help in getting this process going, we can be reached at 877-828-8851.

Twitter Delicious Facebook Digg Stumbleupon Favorites More