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Proof of Income for home mortgage

Discussion in 'General Chat' started by david63, Feb 28, 2022.

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  1. #1
    How can i get Proof of Income for home mortgage? Is there any solution if i do not have any proof of income or address?
     
    david63, Feb 28, 2022 IP
  2. sarahk

    sarahk iTamer Staff

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    #2
    Proof of address should be easy. Banks usually require a few utility bills - water, power, rates, internet. Do you have bank statements posted to you? I don't get loads of mail anymore but I get enough.

    Proof of income:
    Your bank account should show income coming in.
    If your earning is online you should have documentation from the sites that are paying you.

    Your bigger problem might be that you have not been self-employed for long enough. I know that in NZ you need to have run your business profitably for 3 years and that's a huge hurdle. There's no way around that, you just have to wait it out.

    What objections are you getting from mortgage providers?
     
    sarahk, Feb 28, 2022 IP
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  3. mmerlinn

    mmerlinn Prominent Member

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    #3
    Show copies of your tax returns with identifying numbers redacted.
     
    mmerlinn, Feb 28, 2022 IP
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  4. qwikad.com

    qwikad.com Illustrious Member Affiliate Manager

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    #4
    I'd say go with a small, local bank / credit union (or whatever you call them in your country). Don't go with the big, chain ones. We went with a big bank when we were buying our current house and instantly regretted it. The paperwork was insane. The amount of phone calls we had to be on was even more insane. All because me and my wife are self-employed. Never again will I go with a big bank.
     
    qwikad.com, Mar 1, 2022 IP
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  5. sarahk

    sarahk iTamer Staff

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    #5
    David has asked this question on a large number of forums. Those that are active have given him similar responses. He's been back here but hasn't replied.
     
    sarahk, Mar 1, 2022 IP
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  6. jrbiz

    jrbiz Acclaimed Member

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    #6
    We made the same mistake, though it was by fate. We started with a regional bank called BayBank. That was bought by larger bank BankBoston which, in turn, was bought by the larger Fleet Bank which ultimately was bought by behemoth Bank of America. Our bank accounts were the same throughout, just a different Bank name on the statement. I figured when we went for our first mortgage that it would make sense to do it through our bank and we did so with BoA. A decade later, we were looking to re-finance (keep in mind that I had been their bank customer for many decades and a mortgage holder with them for 10 years (never missed a payment, etc.) In their infinite wisdom, they decided that I did not qualify for a re-finance!!! I was so insulted that I refinanced with one local Credit Union and moved my bank accounts to another small, local bank. Big banks have their place (mostly with larger businesses) but I agree that consumers should look to smaller banks for better acceptance and also better deals.
     
    jrbiz, Mar 2, 2022 IP
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