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Mortgage Loan Underwriting Tips for Calculating Income
(presented by www.refinance-refinance.net - mortgage lenders)



By Dan Ambrose

Calculating income properly can make or break a loan, and turn a pre-approval into a real approval. It is essential for loan officers to be able to calculate income for borrowers accurately in a timely manner. Whether someone is retired, wage-earner or self-employed, it is imperative to present the applicants income properly, so that underwriting will give the applicant a fair risk assessment. There are brief descriptions for the types of income for loans below:

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HOME LOANS ADVERTISEMENT

Wage earner: Wage earners receive a wage or salary from an employer. They do not own more than 25% interest in the company they are working for. Compensation is based on hourly, weekly, monthly or semi-monthly basis.

Bonus or Overtime: Bonus or overtime is compensation in addition to an employee

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This entry was posted on Tuesday, July 11th, 2006 at 3:30 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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