Aug '23 in General discussion
If the trust makes most of the income, how do I get a loan?
Curious about trusts and mortgages? If you're considering setting up a trust, you might be wondering whether it could impact your ability to secure a mortgage. Good news: you can still qualify for a mortgage even if your income flows through a trust.
Here's the scoop: While traditional mortgages rely heavily on personal income, there's a trust-friendly approach that's gaining traction. If most of your income lands in a trust, you can use bank statements from the trust itself to qualify for a mortgage. This is especially valuable for those in real estate or high-net-worth individuals.
By showcasing consistent monthly deposits into the trust's account, you demonstrate your repayment capability. This approach offers a solution for those who aren't following the standard W-2 path and are concerned about their mortgage eligibility when considering a trust setup.
Why It Matters: As you explore financial strategies, rest assured that embracing a trust doesn't mean giving up mortgage opportunities. This innovative approach combines your financial expertise with mortgage adaptability. By understanding this trust-mortgage connection, you can confidently make decisions that align with both your financial goals and mortgage aspirations.
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If the trust makes most of the income, how do I get a loan?
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