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Is commission or bonus income part of the application?


When you're going through the mortgage application process, verifying income is important to determine how much you can afford to borrow. Getting bonuses, commission or overtime income is always great – spare cash is awesome, right? What's even better is that extra income can help you qualify for more home. But, we have to be able to document it properly.

When M&T Bank looks at your income history, we're looking at your income history to understand how much you're likely to continue to earn in the future. Typically, we ask for a two-year history of income documented by tax returns as well as W-2 statements or pay stubs. It's not just how we roll – that's a standard for the lending industry.

If your career is heavily based on commissions or tips, we'll need to see a history of that “extra” income reflected in your tax returns or other official documentation.