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A: Why use a Connecticut Mortgage Broker?
Connecticut Mortgage brokers.
Apply for a Connecticut Home Equity Loan
Apply for a Connecticut Home Mortgage Loan
Contact Us
First Time Buyer in Connecticut Seminar Sign Up
Get Pre-Approved or Pre-Qualified
Las Vegas Loan Modification
Refinance your Connecticut Home Mortgage Loan
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3. Mortgage Process >>
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Note: When committing to any CT mortgage rate option you must pay attention to the duration of your lock option. If you do not close within the locked duration defined up front, you may lose your CT mortgage rate. We make sure you get the appropriate rate option for your needs.
Getting Approved
We look at three specific parts of your financial picture; your income, assets and credit. This has been called the “three legged stool” because, with three legs your stool stands steady. With only two legs your stool must be perfectly balanced to stand alone. With only one leg, obviously your stool falls.
All of this information is necessary for your CT mortgage provider to give you the proper CT mortgage advice.
Income
Your income is necessary to qualify for a CT mortgage. When determining income these calculations are based on gross monthly income.
Here are the types of income used to qualify you for your CT mortgage:
W2 income: This is used if you receive a weekly, bi-weekly or monthly paycheck where taxes are deducted. There are different types of W2 income as follows:
Hourly:
If you are paid an hourly wage, they will take your hourly wage and multiply it by your weekly scheduled hours up to 40. Multiply this by 52, and then divide by 12.
If you are a part-time employee, you must have a two year history of being part-time to use these wages. If you receive a shift differential, such as nurses, a two year history is taken (add both years total wages and divide by 12).
If you do not have a two year history of receiving a shift differential only your base hourly rate times your regular scheduled hours up to 40 a week is used. If you are a union employee a two year history is used (add both years total wages and divide by 12).
Overtime:
Any hours over 40 are defined as overtime. They will take a two year history to determine your overtime that is eligible for qualification (add both years total wages and divide by 12). If you do not have a two year history of receiving overtime
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