There are many different types of income that people earn... W2, hourly wages, salaries, overtime, bonuses, commissions, 1099, self employed income, rental income, social security wages, disability. This blog describes what income is used during a mortgage application and what items reduce the amount of income you can use.

Lender Credits are one of the hidden treasures of a mortgage broker.  A lender credit is when the lender gives the borrower a credit to cover a portion or all of their closing costs.  You can get lender credits on all types of loans.  It is accomplished by the lender offering a slightly higher interest rate, which results in more money coming back to the broker.  The broker then turns around and gives the buyer the extra money to help them purchase the home.

Lake Erie Mortgage Introduction

This blog is an introduction to Lake Erie Mortgage, one of the newest mortgage brokers in Erie, PA. We are located in the Village West Plaza next to Wild Bird's Unlimited and  have 30+ years experience combined with our group of professionals.  We specialize in all mortgages for purchases and refinances in the state of PA.  We offer Conventional, FHA, VA, USDA and Portfolio loans.  Please contact us at Info@LakeErieMortgage.com .