|
Credit Score too low? Your credit score effects many things through out your financial life. It effects the interest rate you are going to get on your next car loan, if you will be approved for that new credit card, or even bigger it could effect your job!. Another major purchase that your credit score could effect is your mortgage rate. Don't let your credit score get you high interest rates. Sign-up for Intermed Financials Credit Repair Service. Click here to start today! |
What's your home value? Always wanted to know what that house down the street sold for? Are you interested in home much your home will possibably appraise for? Find out your approximate home value today with Zillow.com! Click here to get started. |
How Is My Income Calculated?
The type of income you receive will determine how your lender calculates what you make. For example a self employed borrowers income will be calculated differently than someone who is paid hourly. While it is impossible to explain how every type of income is calculated, here are some of the most common types of income and how they are typically viewed by lenders.
All income calculations are done with income before taxes are taken out.
For a salaried employee who receives a base pay only and no overtime or bonuses, his or her monthly income will be calculated by dividing their yearly salary by 12 months. The calculated number is the number that will be used for calculating the borrower's debt to income ratio.
Your income can be calculated differently depending on the objective of the Mortgage Professional you work with. With so many different ways to calculate a persons income its best to let the mortgage professional decide which way to go.
Twelve months of Personal bank statement deposits can be used to calculate your annual income as long as the account is in your name only. If the account is a join account you can only use 50% of the annual deposits.
Links to more helpful sites:
Mortgage Broker | Prepayment Penalty | What is PMI | Mortgage programs | ARM Adjustable Rate Mortgage | Interest Only Mortgages
