Qualifying For a Home Loan With Commission Income - Boston Mortgage Broker

Qualifying For a Home Loan With Commission Income - Boston Mortgage Broker. Pay off mortgage faster & save money Vancouver mortgage broker

Qualifying For a Home Loan With Commission Income - Boston Mortgage Broker video duration 2 Minute(s) 34 Second(s), published by Phil Ganz on 19 02 2014 - 16:35:37.

Optical Illusions are great at magic shows but terrible when it comes to your finances
I am going to tell you the story of a client that income had two parts salary Are you planning on setting aside extra savings in the near future? When you're building savings for a long-term goal like retirement or education, keep in mind .

http://www.notapennydown.com Mark Fidgett Self employed - Mortgage Vancouver with Vancouver mortgage broker Mark Fidgett Toronto Mortgage Broker - Is it better to pay your property taxes together with your mortgage payment? Eduarda Pita - Eddiemac For more information please http://www.notapennydown.com Best Mortgage Rates BC Best Mortgage Rates In Vancouver Bad Credit Mortgage BC If you are looking for best mortgage .

Optical Illusions are great at magic shows but terrible when it comes to your finances. I am going to tell you the story of a client that income had two parts salary and commission. Before we dive into the story the rule for calculating commission income is a two year average.

I got a referred to a client that needed to get a loan because he was previously turned down because of a low credit score. What made the situation so stressful is he had his house on the market and already was under agreement on another property.

Wanting to get the quick facts I ask whats your income, credit, and downpayment. He replied I make about 200,000 per year , 690 plus credit score score, and a 20% downpayment which would of qualified him with my bank. I proceeded with a loan application.

During the process discovered he switched jobs in 2012. His previous job had a high base pay with low commissions. His current job had high commissions with low base pay. Sadly his qualifying income is low base pay and an average of his commission of the previous two years which will not support both properties. In other words his qualifying income is less than he made in each of the previous two years.

My advice is the following when you apply for a home loan

Explain. You must tell the bank how you get paid.
Accuracy. Know when you started and left your current job.
Review. Go over all the facts of the mortgage application.

Contact me for a free consultation and subscribe to my Youtube Channel to keep up to date on the latest mortgage and real estate trends.