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Old 01-20-2014, 01:20 PM
 
336 posts, read 579,558 times
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I previously was a Loan Consultant doing mortgage loans. I've been a mortgage consultant to banks for the last year. I want to buy a house. What will the underwriter say?
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Old 01-20-2014, 02:54 PM
 
3,804 posts, read 9,328,307 times
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Average your W2s if you have been commissioned. If the pay structures are different, that will be tough. What was/is pay structures of the 2 jobs?
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Old 01-20-2014, 03:09 PM
 
Location: Southern California
4,451 posts, read 6,804,915 times
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Does consultant mean 1099?
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Old 01-21-2014, 07:00 PM
 
Location: MID ATLANTIC
8,678 posts, read 22,934,266 times
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Need way more info......1099 vs W2, how long at each job? Income increasing or declining? Anything on Schedule A, line 21? Exact dates for each job also needed to say if it will work.

This ain't Kansas, anymore, and it's not Emerald City either.....but, there is no place like home.....getting there is the current challenge.
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Old 01-23-2014, 01:46 PM
 
336 posts, read 579,558 times
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I plan to buy something in June.

Consultant April 2013-present
W2 (increasing income by appx 50k)

Mortgage consultant
W2 November 2012-April 2013

Mortgage Consultant
W2 April 2012 - November 2012

Nothing on Schedule A, line 21
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Old 01-23-2014, 01:49 PM
 
3,804 posts, read 9,328,307 times
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Again, what is your pay structure? Salary, base, draw, bonus, commission?

What was it for the prior mortgage gig?

Come on, you should know how to do this!
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Old 01-23-2014, 02:01 PM
 
336 posts, read 579,558 times
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Sorry, I forgot to put it in. For the prior two mtg jobs it was base plus commission. For the most recent job, it's all salary.
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Old 01-23-2014, 03:49 PM
 
3,804 posts, read 9,328,307 times
Reputation: 4978
Well if you are full time, guaranteed 40 hours a week, they will use that rate with no overtime allowed.

However, I don't think you should buy a home because I do not see much of a future for you in mortgage. Not trying to be a jerk, it's just that you did not know the answer to one of the most basic questions possible.
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Old 01-23-2014, 08:09 PM
 
Location: Southern California
4,451 posts, read 6,804,915 times
Reputation: 2239
What does a mortgage consultant do that gets paid with commission?
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Old 01-27-2014, 06:24 AM
 
165 posts, read 357,362 times
Reputation: 84
They will use your new salary,

Ouch Pfhtex, little harsh on the guy......
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