Mortgage Definition: Stability of Income
Mortgages Unzipped contributor Justin McHood provides us with a weekly mortgage definition. Our goal is to define terms and issues that are contemporary to the ever-shifting landscape of the mortgage process, from application to closing.
This week, Justin introduces us to “Income Stability.” Underwriters obviously want to ensure that a borrower will have the ability to maintain the income levels necessary to repay a loan within its terms. Being prepared to address specific issues with regard to employment and more will help should it become an issue in the approval process.