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5 Things You Need to Know About Your Paycheck Stub
When lenders verify and validate information included in your mortgage loan application, with all due respect, they don’t simply take your word for it. While you may enter your monthly income on the application, they will use that amount initially to preapprove you but will eventually contact your employer directly to verify what you make each month. Part of that process also asks you to provide them with copies of your most recent paycheck stubs covering a 30 day period. In this way, lenders verify your monthly income used for a final approval. But your monthly income is only part of the validation process.
The first of course is to look at the monthly gross pay for each month. If you get paid on the 1st and 15th, lenders add those amounts together for use in qualifying. Note, this is the gross or ‘before withholding’ amount. If you get paid every other week, CONTINUED >>>