Proof of Income Lenders want to see stable, consistent income. It’s their proof that you can make your monthly mortgage payments. So what do you need to present to verify income? For most employees, it starts with the two most recent pay stubs. These verify not only your current monthly income, but also your year-to-date income. But income verification for mortgage pre-approval requires more than just pay stubs. You will most likely need to submit your tax returns from the previous two years. If you have additional income from businesses, side hustles, or investments, you will need to submit documentation of that too.
We have established that pre- approval is an intensive process, with a great deal of verification required. So what, exactly, is required? Here’s what needs to be verified for a solid, trustworthy pre-approval letter that will help you win the deal on your dream home. Proof of Identity First things first… are you who you say you are? You will need to provide proof of your identity — driver’s license, passport, etc. — plus your Social Security number, which will be needed to pull your credit.
Employment Verification Lenders don’t just take your pay stubs at face value. Before issuing a pre-approval letter, the lender will usually call your employer to verify you work there for the salary or wage listed on the paystub, and how long you have worked there.
RITA REALTOR | BROKERAGE 904-555-5555 | Rita@realtor.com | www.Authorify.com
LARRY LOAN OFFICER | OFFICE 904-555-1010 | Larry@loans.com | www.Authorify.com
Powered by FlippingBook