Forgotten Your Password?

Need to Register?

Question Icon

Is there a way to get a bigger mortgage if I'm going to get a substantial raise in the near future?

I'm about to get a significant raise in pay and I want to use this higher income to get a larger mortgage loan, is there some way to do that? by BSimpson from Warwick, Rhode Island. Mar 12th 2013 Reply


Lynda Mckenzie (Lyndamck)
#10 ranked lender in Rhode Island - 33 contributions

You would need to provide a current pay stub reflecting the increase to use the higher income.

Mar 12th 2013
1
0
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Yes you can, are you looking to take cash out via refinance? or buy a larger home?Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 12th 2013
0
0
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Unless it is a raise you can prove with a contract, you'll actually have to start receiving it before you can use it.

Mar 12th 2013
0
0
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Yu will need a 30 day pay history (paystubs) to be able to use the higher income to qualify.

Mar 12th 2013
0
0
Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

I agree with the others who have posted. Documentation (paystubs covering a 30 day period) would be needed to show that it is being received in order to use it for qualifying.

Mar 12th 2013
0
0
Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

You will need to provide at least one pay stub reflecting your new pay increase and the lender will get a verification of employment that will need to show the pay increase and when it went it started. Good luck.

Mar 12th 2013
0
0
Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

You will need to be able to prove that you will be receiving the raise through a written contract or provide at least two pay stubs reflecting the raise. In most cases you will probably need to wait until after 30 days to prove that your income has increased.

Mar 12th 2013
0
0
Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

Yes definitly you can, but more information is needed. wwwHOMEMORTGAGEXPERT.com

Mar 12th 2013
0
0
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

A firm offer, which can be documented, may be acceptable, but most lenders will want 30-day pay stub(s).

Mar 12th 2013
0
0
Subscribe to our news feed.