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How Income Is Determined

Mortgage Library: Ask a Mortgage Related Question: Answers: How Income Is Determined

Question:

When trying to obtain a mortgage loan, why am I asked to bring in 2 years worth of W2's and most recent paycheck stubs? Do they average out what I make in the last 2 years to determine if I can get the loan? Are these items really that important?

L. S.
Rock Springs
Wyoming

Answer:

Yes, those things really are that important.

When determining income, your mortgage company will use the current income and year-to-date from your current paycheck stubs. The W-2s prove employment history and validate your current income.

Rick Lanicek
PrimeLending, A PlainsCapital Company
17950 Preston Rd Ste 50
Dallas, TX 75252-5759
(972) 705-9721
(800) 256-0817 Ext 202
Mobile (214) 552-6125
eFax (972) 692-7260


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