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I take home cash every day, how do I show my bank or any banks for that matter that could finance me how much money I make. How do I go about getting financed?
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Salaried employees are the simplest for lenders to evaluate. The annual earnings of this person are a set figure. Lenders are very comfortable with this job designation because they can accurately predict the money you have coming in relation to debts and so on. In general, lenders are looking for stability in employment with a two-year history. If you have changed your job, make sure to explain why and try to stay in the same general profession.
Self-employed individuals are in a bit more of a bind when it comes to mortgages. If you are in this designation, you tend to show a range of earnings versus a steady amount each month. Moreover, you also tend deduct just about everything you can to limit taxes. This can cause problems when you apply for a loan because your reported income is low. If you are self-employed, lenders are going to want to see tax returns, bank account statements and other financial documents for the last two years. If at all possible, do not switch your business effort to a new line of work during this two-year period as the lender will consider it a brand new business and raise its risk assessment.
Commissioned employees are more and more common these days as corporate culture changes. If you fall in this designation, the good news is lenders are much more comfortable with commission earnings these days. As with self-employed individuals, however, it is important that you do not change your job in the two years prior to applying for the loan. Lenders will view such a change negatively, because they will consider your new position independently from the old one. This makes you a riskier proposition in their eyes.
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