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From Our FAQs:

Income and Debt

 How is  income considered?
Type of Income Proof Required How it’s Considered/Things to Know
Self-Employed Personal (and business, if applicable) federal tax returns for past two years and Year to Date Profit and Loss Statement Average the net income that is reported on your tax returns
Commission W-2 statements for past two years and recent pay stub Average the amounts received over past two years to determine amount considered as part of regular income
Overtime and Bonus W-2 statements for past two years and recent pay stub Will not be considered if not received for at least one year
Second Job W-2 statements Considered if a one-year history can be verified
Retirement Recent pension check stubs or bank statements (if direct deposited) and award letter Award letter may be requested to verify income will continue for at least three years
Rental Most recent year’s federal tax return Review Schedule E to verify your rental income after all expenses except depreciation
Dividend/Interest Two years tax returns and copies of statements from your financial institutions and brokerage accounts, stock certificates, or promissory notes Calculate an average amount to include as income
Child Support/Alimony 24 months history of payments Only considered if you want it considered
Are student loans that are not yet in repayment considered as debt?

All student loans, regardless of deferment, are now considered on all loans. If a payment has not been established, a 5% rule is applied as a payment.

If I have co-signed a loan for another person, does that affect my ability to get a mortgage?

Generally, a co-signed debt is considered when determining your qualifications for a mortgage. If the co-signed debt does not affect your ability to obtain a new mortgage we leave it at that. However, if it does make a difference, we can ignore the monthly payment of the co-signed debt if you can provide verification that the other person responsible for the debt has made the required payments by obtaining copies of their personal cancelled checks for the last 12 months.

Will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?

If you have had a bankruptcy or foreclosure in the past, it will affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we generally require four years to pass after the bankruptcy or foreclosure. It’s also important to see that you re-established an acceptable credit history with new loans or credit cards.

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From Our FAQs:

Is ClickSWITCH secure?

Yes! ClickSWITCH uses the latest in online encryption protection to gather and store your switch information. Additionally, our mailing facilities adhere to the highest industry standards with regard to security of your personal information.

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From Our FAQs:

What is an automated payment?

An automated payment (or ACH) is a regular, ongoing payment that is initiated externally to your bank account, such as a monthly insurance bill, utility payment or automobile loan payment.

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From Our FAQs:

What is a direct deposit?

A direct deposit is any payment that you receive from a person or organization directly into your account. These include payroll direct deposits, government direct deposits (Social Security, Disability, etc.) and dividend direct deposits from investment accounts.

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From Our FAQs:

How long will it take for me to switch my payments?

Timing for each payment switch can vary depending on the type of payment, biller, and the method needed to switch the payment.

Online banking bill payments are switched instantly. Automated payments and direct deposits typically take between 7- 10 days to switch, but can be faster with certain billers. It’s always a good idea to review your switch status page for the most current information regarding each switch.

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From Our FAQs:

Do I need to call my billers to confirm the switch?

We display the status for each automated payment or direct deposit in the Status column. If a switch shows as “Completed” there’s no need to contact the biller. For switches that are marked as “Mailed” for more than 10 days, you may want to contact the biller to confirm the status.

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From Our FAQs:

Does ClickSWITCH work with direct deposit?

Yes. Indicate the type of direct deposit you want to switch and complete the required information.

Please note: some employers and government agencies require direct deposit switches be completed directly with them. In these cases, they may not accept our switch request.

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From Our FAQs:

One of my switches has an “Action Needed” status. What does this mean?

Occasionally, after you have submitted a switch for processing, our research team determines that particular biller requires you to update your banking information with them online. When this happens, your switch will show an “Action Needed” status. To see the details of the action you need to take, you can click on the Edit icon in the Actions column.

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From Our FAQs:

Which address should I use for my biller?

A number of billers are included in our system. If we do not have a biller’s address, please use the address that is indicated on the payment confirmation or statement the biller sends you. You can also find most billers’ payment addresses displayed in the Help or Contact Us areas of their websites.

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From Our FAQs:

How do I know my payment has been switched?

The easiest way to check the status of a switch is to look at the “Status” column of your ClickSWITCH account. Switches that have been completed and confirmed by your biller will display a “Completed” status. Switches that are still in process will display a “Mailed” status.

For switches that have a mailed status for 10 days or more, we recommend contacting your biller to confirm the switch is completed, as some billers may not update the status in our system.

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From Our FAQs:

What if my switch isn’t completed and I miss a payment?

Monitoring your switch status is an important part of moving your account. It is advisable to keep enough money in your old account to cover each payment until the switch status for that payment has changed to “Completed,” or you’ve confirmed with your billers that your payment account information is updated in their systems.

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From Our FAQs:

What is ClickSWITCH®?

ClickSWITCH makes it easy for you to quickly and securely switch your current online bill payments, automated payments and direct deposits from your existing financial institution accounts to your new account. ClickSWITCH removes the hassles of contacting all your billers to make changes and helps ensure you don’t miss a payment when you change financial institutions.

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