Are you conscious of the distinctive revenue calculation pointers supplied by MortgageDepot for typical loans?
Different Revenue Sources
At MortgageDepot, we perceive that not all revenue sorts must be averaged over 24 months. We take into account numerous revenue sources, together with however not restricted to:
– Commissions
– Additional time
– Bonus
– Suggestions
– Nationwide Reserve/Guard pay
– Unemployment advantages (seasonal employees ONLY)
Calculation Methodology
If an extra revenue supply has been constant for no less than 12 months and exhibits an rising pattern, we enable the revenue calculation to be primarily based on essentially the most earlier yr and the year-to-date (YTD) revenue divided by the variety of months.
Further Evaluation for Revenue Improve
In keeping with Freddie Mac pointers, if there is a rise of 10% or extra in revenue yr after yr, our Underwriters conduct additional evaluation to find out if the upper quantity can be utilized.
Declining Revenue Concerns
At MortgageDepot, we by no means common declining revenue from the earlier yr. As a substitute, we depend on the YTD complete. Nonetheless, if there’s a decline of 10% or extra, our Underwriters acquire further documentation to evaluate if the revenue can be utilized in any respect.
We consider in simplifying the revenue calculation course of for typical loans, guaranteeing transparency and suppleness for our debtors. By contemplating a variety of revenue sources and implementing particular pointers, we purpose to supply distinctive service and help all through the mortgage course of.
At MortgageDepot, we’re dedicated to delivering the most effective typical mortgage options to our shoppers. Whether or not you’re a client or a business borrower, our educated gross sales groups are right here to help you. Keep tuned for our upcoming revolutionary mortgage merchandise designed to fulfill the evolving wants of at present’s debtors.
Select MortgageDepot as your trusted associate for typical loans and expertise the distinction in service and experience. Contact us at present to discover the probabilities and begin your journey in direction of homeownership or funding success.