Mortgage Lenders Don't Want You to Know This About Income Verification
🏠 How Lenders Verify Income for Mortgages | Mortgage Matters and Minutes
Welcome to Mortgage Matters and Minutes with Brent Rasmussen, sponsored by Mortgage Specialists! In this episode, we delve into a crucial topic for homebuyers: how lenders verify income. Whether you're navigating FHA, VA, or conventional loans, understanding income verification is key to securing your dream home. #incomeverification #mortgagespecialists #realestate
📋 Key Topics Covered:
Types of income lenders consider: W-2, self-employed, retirement, and more.
Importance of stable income and its impact on loan approvals.
Documentation requirements: tax returns, pay stubs, and verification processes.
Special cases: second jobs, job changes, and acceptable vs. unacceptable income.
💼 Why It Matters:
Verifying income isn't just about checking boxes—it's about ensuring you meet lender guidelines for the best interest rates and loan terms. By understanding these processes, you empower yourself to navigate the mortgage application with confidence.
🔍 Watch Now to Learn More:
Join Brent Rasmussen as he breaks down the complexities of income verification in mortgage lending. Whether you're a first-time homebuyer or looking to refinance, this episode provides essential insights to streamline your loan approval process.
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Mortgage Matters In Minutes Episode 72 How Do Mortgage Lenders Actually Verify and Calculate your Income?
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TIMESTAMPS for How Do Mortgage Lenders Actually Verify and Calculate your Income?:
00:00 - Intro
02:01 - Employment History
02:55 - Different Ways to Receive Income
03:30 - Qualifying for a Mortgage as a W2 Employee
05:10 - Self Employment Income
06:56 - Retirement and Social Security Income
07:36 - Second Job and Part Time Income
08:42 - Projected Income
09:37 - Child Support, Alimony, Disability Income
10:27 - Unacceptable Income for Mortgages
10:56 - Conclusion
11:50 - Outro
Licensing info: Brent Rasmussen, NMLS 5918 at Mortgage Specialists, LLC NMLS 2424
For licensing, go to www.nmlsconsumeraccess.org
Address: 8420 W Dodge Road #113, Omaha, NE 68114 Equal Housing Lender
Website: mtg-specialists.com
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Mortgage Specialists, LLC for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Mortgage Specialists, LLC does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Mortgage Specialists, LLC. Mortgage Specialists, LLC and its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Mortgage Specialists, LLC is a limited liability company organized under the laws of the State of Nebraska. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency.
How Do Mortgage Lenders Actually Verify and Calculate your Income?
