Should You Go for a Bonus Income Mortgage?

You will need to try to qualify for a bonus income mortgage if you have a lesser chance of qualifying for a standard loan because lenders don’t think you have sufficient proof that you are financially capable of repaying the loan.

Conventional loans can be difficult to acquire if you do not meet the usual requirements set forth by lenders. To get one, you need to present documents that will show you have regular income, a good credit score, and have enough genuine savings. Lenders are more likely to approve your application if you meet all these requirements.

That means you need to have a stable and regular job. This is typically the 9-5 job. Lenders prefer borrowers who have this kind of job because they can prove that they will have constant salaries that can cover future monthly mortgage payments.

However, not everyone has a “normal” job. There are many individuals who have unusual employment and receive wages on an unconventional basis. Despite their unconventional employment status, they can still borrow money for a house. They can actually qualify for unusual employment mortgage or casual employment mortgage.

An example would be someone who receives more money as bonuses rather than the base salary. There are lots of people whose work allows them to earn a lot of money through bonuses and incentives. Compared to other people who receive a fixed salary, these individuals are less likely to be favored by lenders when applying for home loans.

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