Verification of Income
When applying for a mortgage or other loan, most lenders might require Verification of Income. The lender might ask for paycheck stubs for a period of time, and even your tax returns for the previous two years. This is done for several reasons.
- To verify that you are still employed
- Your income matches the income on the loan application
- Fraud prevention.
Most lenders will either require a Verification of Income or Verification of Employment or both.
Get more information on Verification of Income in the Real Estate Forum.
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