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Cheryl Carson
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Lending Tip Of The Week



Lenders encounter all types of families that need home financing services.  One of the key considerations for every family is how they are going to be able to repay the loan. When it comes to making this determination, every lender must thoroughly understand their client’s qualifying income.


Qualifying income, broadly defined, is what a lender needs to establish in order to make sure the borrower has the ability to repay.  For some clients this is a simple process.  For others this can be a very complex process.


As an example, if a client who has been with their employer for an extended period of time with very consistent income – hourly or perhaps salary – it is much simpler to determine that person’s income as opposed to someone whose income fluctuates.  Clients who derive their qualifying income from commissions, bonuses or even overtime must have their income reviewed more thoroughly as there can be large amounts of variance from week to week.


A strong lender has one goal in mind:  Make sure that the family will be able to pay back their loan without undergoing financial hardship to do so.  To do that, lenders must stay very versed on how people earn a living.  It is not always cut and dry.


If you have questions regarding your qualifying income, or any other part of the loan process, please do not hesitate to ask your lender very detailed questions.  You can always contact the excellent team at HomeBridge Financial Services.



Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 09/28/2022. The listing information on this page last changed on 09/28/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Stellar MLS (last updated Wed 09/28/2022 6:34:37 PM EST). Real estate listings held by brokerage firms other than Wagner Realty may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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