It may seem like the mortgage application should be the easiest part of the entire home buying process, right? Well, don’t get ahead of yourself. You need to make sure that all of the information on your application is legible and completely accurate to your knowledge.

Some applicants stumble a little on the income section, as everyone has unique circumstances and the form can seem unaccommodating to all of one’s specific information.

Try to read everything carefully and fill it out as best you can with the spaces provided. If you still have questions, you may contact GreenPoint Mortgage where there is a plentitude of loan advisors happy to assist you with your application.

There are some common questions and inquiries about income that come up a lot. For example, some home buyers have asked how to fill out the income section if they were students before they obtained their current job. In this situation you need to enter the school you attended and the time you were in the “length of employment” field. Under “position” you can write “student” and “0” for income.

Remember that if you are self employed you will need proof of your income. This can be shown by federal tax returns from the past two years. Your net income from self employment on your tax returns will be reviewed for your mortgage approval, but keep in mind that GreenPoint also offers loan programs that do not require a full income history.

If you would like to hear about one of these programs, such as one called the True NoDoc mortgage, call GreenPoint at your soonest convenience to speak with a professional loan advisor.

Often times self-employed, entrepreneurs or those in the sales business will ask if their overtime, commission or bonuses can be incorporated into the income category on the mortgage application. In general, these incomes will only be considered on your application if they are received on a regular or ongoing basis.

In other words, GreenPoint wants to get an accurate idea of what your regular income is in order to decipher how much you will be able to pay for a mortgage. If you give an estimate that includes a bonus and overtime but is not usually the amount of income you receive, you will be throwing off the assessment and only misleading yourself. GreenPoint wants to help you obtain the best possible home loan you can and in order to achieve that, needs your honesty and compliance.

Should you be retired and derive income from a pension plan, social security or retirement savings, you will also need to provide documentation to verify this status. Usually you can obtain pension check stubs, bank statements or letters stating that you have received this form of income.

Sometimes it is necessary that you prove that your retirement income will continue for a minimum of three years. GreenPoint realizes that this income most likely is not tax deductible and will put that into consideration when reviewing your application.