| The current state of our economy has left many | | | | include Social Security and Medicare taxes as these |
| people wondering if they will be able to successfully | | | | are mandatory deduction. If you have any state and |
| apply for a mortgage. In truth banks and mortgage | | | | local taxes these should also be shown. In many cases |
| companies are not as willing as they once were to | | | | people have retirement funds including 401K IRAs and |
| approve loans. Just a couple of years ago it seemed | | | | health insurance payments which are taken out before |
| like anyone could get a mortgage, today more banks | | | | taxes. All of these deductions should be shown and |
| are sitting on repossessed homes that at any time in | | | | then the amount that is left over or your net pay is the |
| recent history and as long as you still have a good | | | | last number. |
| credit score and can provide a copy of your most | | | | Why Do Banks Need This Information? |
| recent pay stub document or form showing proof of | | | | If you are applying for any kind of loan you must be |
| income, you can still get a mortgage. | | | | able to provide the lender with both proof of income |
| What Your Pay Stub Document or Form Should | | | | and that you have been on the job for a lengthy |
| Show | | | | period of time. Your pay stub record or form shows |
| As long as you are employed by someone other than | | | | them how much you actually make in a given pay |
| yourself you should get a pay stub printed as a form | | | | period and if you have kept your stubs in a file you will |
| at the end of each pay period. Next to your paycheck | | | | have proof of job stability. |
| itself, your paystub is probably the most important | | | | If you are serious about wanting to buy a house then |
| piece of paper you are likely to get. This single piece | | | | you are going to need to provide the bank or finance |
| of paper will provide proof of how many hours you | | | | company with proof of your income. Once you have |
| work each pay period, this includes both regular and | | | | proven that you have the income to support a |
| overtime hours. When added together this figure is | | | | mortgage and couple it with a decent credit record |
| your gross pay for the period. | | | | you might be surprised to find that the bank is willing to |
| Below your gross pay, your pay stub will show every | | | | take a chance and lend you the money to buy your |
| deduction that has been taken out. These generally | | | | dream home. |
| start with federal income taxes and then go on to | | | | |