Is Length of Employment Important to Get a Home Mortgage Loan?

Yes. The length of employment is one of the major factors in the mortgage approval process. One of the major requirements for the home mortgage loans is that you should have a stable income. But many people have lost their jobs because of the recession and some have experienced reduction in wages. I have seen many people get a new part-time job after they lost their jobs. If you are one of the people who are getting a part-time income,you will wonder whether getting a mortgage loan is possible or not. All the lenders would always want to lend the loans to people who have a stable job. They would never want to give loans to people who have got the jobs recently. This is because they would not want anyone to default on their loans. There are high chances that a person who has got the job recently might lose it again. So they tend to avoid such borrowers and give approval to people who show a steady income proof.

If you could show them that you have been employed for about two years, there are higher chances of approval. The requirements will vary from lender to lender. So you have to ask the lender to know about the exact requirements. Besides the length of employment, they would also look at the current income. If the debt is more than 30% of the income, the probability of loan approval becomes lesser. Remember that we are experiencing the housing crisis and thus the lenders would want to give loans to people who have stable income. Getting a mortgage loan without employment is going to be impossible.

Bake Chicken Foods