Income verification methods

[Smalling]

Coming straight to the matter, what are the income verification methods I should be aware of? I know for a fact that I should have all the necessary identification documents handy. I also read an article: [possible spam link deleted] recently which spoke about mentioning the unverifiable work. Could someone tell me as to what all comes under this category? Would taking tuition come under this category?

 

[Retired2025 aka AlmostRetired]

Context around the question would be helpful. Assuming you are talking about buying new purchase of Destination Points from Marriott, buying resale will cut your purchase price in half. Understand you are purchasing a vacation experience more than property that will retain any significant underlying value. You will also have yearly maintenance fees. Lastly after understanding this, you are getting into complex trading system that you need to understand to be sure you are happy with no matter what the price.

I really am not looking for this answer but if you have enough income so the payments are not a concern for buying new, don't buy. You can save significant money buying resale. If you are worried about affordability don't buy. Timeshare ownership is discretionary spending and maybe not high on this list depending on situation.

If you purchased rescind until you understand about timeshares. If you are thinking about it, walk away until you understand more.

Sorry but I have 2 sons that are not that far out of college. Both with good jobs (CPA & lawyer) but neither understand the value of financial planning. Both are still to some minor extent on my payroll. I can't help but think of them when I read your question.

 

[dioxide45]

Not sure if this is a spam post or what. The OP hasn't been back since they posted. The only odd thing is that they didn't sign up the same day they posted. It could also be a post to try and drive up Google search results by having their link in another place.

As far as I know, Marriott, and perhaps most timeshare developers don't do any income verification when extending a timeshare loan. They just take stated income. Not even sure if they pull credit. They know that they can always foreclose and sell the points or weeks a second time.

 

[1Kflyerguy]

As far as I know, Marriott, and perhaps most timeshare developers don't do any income verification when extending a timeshare loan. They just take stated income. Not even sure if they pull credit. They know that they can always foreclose and sell the points or weeks a second time.

I am not sure about Marriott, but i know HGVC does pull a credit report for their loans, but they don't report the loan.

When i was refinancing my house, my credit report showed HGVC as having pulled my report. I had to sign a letter explaining the inquiry from HGVC. We financed our first TS purchase from the developer, I have since paid that off but it never showed up on any of the credit reports.

 

[geekette]

I am not sure about Marriott, but i know HGVC does pull a credit report for their loans, but they don't report the loan.

When i was refinancing my house, my credit report showed HGVC as having pulled my report. I had to sign a letter explaining the inquiry from HGVC. We financed our first TS purchase from the developer, I have since paid that off but it never showed up on any of the credit reports.

This seems odd to me. Why would you have to explain why a different party looked at your credit, and sign a letter about it?

Unless "pulled my report" means something else?

 

[DeniseM]

When you apply for a loan, the lender wants to know if you have any other loans in process. So when they see other lenders pulling your credit info. that triggers a red flag.

Once when we refinanced our home, we had recently bought some timeshares on the resale market for nearly free, but when the lender saw the newly recorded deeds he panicked, because he thought I was hiding other loans.

 

[1Kflyerguy]

When you apply for a loan, the lender wants to know if you have any other loans in process. So when they see other lenders pulling your credit info. that triggers a red flag.

Once when we refinanced our home, we had recently bought some timeshares on the resale market for nearly free, but when the lender saw the newly recorded deeds he panicked, because he thought I was hiding other loans.

Yes, that is exactly it. In my experience ever since the housing crash, mortgage lenders go through everything with a fine tooth comb.. some lender are more forgiving than others, but in general they don't like anything unusual..