Are you conscious of the distinctive revenue calculation tips supplied by MortgageDepot for typical loans? We consider in offering revolutionary options that cater to the various wants of debtors.

Diverse Earnings Sources

At MortgageDepot, we perceive that not all revenue sorts must be averaged over 24 months. We take into account varied revenue sources, together with however not restricted to:

– Commissions
– Extra time
– Bonus
– Suggestions
– Nationwide Reserve/Guard pay
– Unemployment advantages (seasonal employees ONLY)

Calculation Methodology

If a further revenue supply has been constant for a minimum of 12 months and exhibits an growing pattern, we enable the revenue calculation to be based mostly on probably the most earlier yr and the year-to-date (YTD) revenue divided by the variety of months.

Extra Evaluation for Earnings Enhance

In response to Freddie Mac tips, 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 Earnings Issues

At MortgageDepot, we by no means common declining revenue from the earlier yr. As a substitute, we depend on the YTD whole. Nonetheless, if there’s a decline of 10% or extra, our Underwriters acquire extra 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 adaptability for our debtors. By contemplating a variety of revenue sources and implementing particular tips, we intention to offer distinctive service and help all through the mortgage course of.

At MortgageDepot, we’re dedicated to delivering the perfect 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 satisfy the evolving wants of at present’s debtors.

Select MortgageDepot as your trusted accomplice for typical loans and expertise the distinction in service and experience. Contact us at present to discover the probabilities and begin your journey in the direction of homeownership or funding success.