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Is commission or bonus income part of the application?

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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.