Published: January 10, 2013 • Last updated: January 7, 2021 at 0:52 am

You might be able to include overtime when you apply for a mortgage!

Dear Ross, I work at an assembly plant, and routinely work 50 to 55 hours a week plus some overtime. My base pay is around $40,000 and last year I made $60,000 with all the overtime. Which number will lenders use when I apply for a mortgage?

Lenders don’t tend to look at the overtime, just the base pay unless you have at least two years with the same employer and we can present an average. So in your case, if we need to include the overtime, we will, as you have been three years with the same employer.

The same answer applies to people who have a part-time job. To include this income, we have to demonstrate at least two years in the same position, and we will take the average annual income from a part-time job when qualifying for a mortgage.

And we take this exact same approach if the applicant earns commission income.

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