CONSOLIDATE DEBT NOW BLOG

Posts Tagged ‘self employed’

Having no Income verification is one of the fastest ways to have a mortgage application declined.  No income verification refers to the ability to prove one’s potential to repay a mortgage.  While it is easy to assume waiters, bartenders and doormen make tips, it is impossible to determine how much they make unless they claim it on their income tax.  The reality of it is, is that most people who have the opportunity to avoid paying taxes often do.  This can create problems when you are applying for mortgage financing.  If you don’t claim your tips, which is often the largest part of your income, you can almost certainly wager that your application will be declined.  This is where the expertise of a mortgage broker can become invaluable.  Having a mortgage broker on your side that understands the nature of your business and who can formulate your application into one that makes sense to a lender can be the difference in your application being approved……..(read more)