I Get Paid in Cash, can this slow the process down?

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I Get Paid in Cash


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Getting paid in cash can present a problem when you apply for a mortgage. Cash is difficult to document, but the banks still want proof. For waiters and waitresses especially, cash can be a big part of total income, and there is no record of it. You need to be able to show the bank that you have a source of income that is reasonably predictable.

One way to document cash is to write a letter to the bank explaining your situation. Tell the lender how much you earn, why you are paid in cash and how you manage your finances. Keep in mind that the bank is taking your word for it, so any additional proof would be helpful.

The best way to document cash is to put it in the bank before you spend it. By putting your money in the bank, you create a record simply through your deposit; the bank keeps track for you. With a history of deposits, you can show the lender a steady stream of income. Even with cash, you create a paper trail!