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Forum LockedHow to get a mortgage ?

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NicholasBlak252766 View Drop Down
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    Posted: 08 June 2021 at 12:53pm
I want to take out a 15-year mortgage to buy a home for my family. Since this is the first time I will get a mortgage and no one from the family has ever encountered this. I want to ask you what advice can you offer ?
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NicholasBlak252766 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NicholasBlak252766 Quote  Post ReplyReply Direct Link To This Post Posted: 08 June 2021 at 7:30pm
You should definitely contact the professionals.
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Deirdre265511 View Drop Down
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If you are a medical doctor, you may have more favorable mortgage conditions.
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Stephane267160 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Stephane267160 Quote  Post ReplyReply Direct Link To This Post Posted: 09 June 2021 at 6:06am
First things first, You need to document your tips meticulously and put all that income on your tax return. A few years of steady tax returns is enough for some lenders.
There are LOTS of lenders out there, so keep shopping around until you find someone who wants your business. A close friend of mine makes use of Fairway Mortgage Company, so look them up. All commercial lenders have to make the paperwork conform to specific standards, so nobody is going to loan on a wing and a prayer, but tax return history is an acceptable method.
Most people who make a “lot of tips” don’t keep very good records, and when they do, they realize they have never made as much in tips as they thought they did… For a few people it works the other way, and once they have accurate records they owe more taxes.
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