*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Earlier this year, I wrote an article about why it's important not to purchase a car while you're going through the loan process. Well...I've got another one for you. One of the most important things you can do, is to stick with your current job while you look to take out a loan.
Work can drive you crazy sometimes. You may have co-workers you don't get along with, the job may not come naturally to you, or you may just have frustration with unfortunate circumstances within your workplace. Whatever the reasoning may be, if you're trying to purchase or refinance on a home, it's important to stick with that job for a bit longer.
That doesn't mean that if you find yourself in a bad situation that there aren't avenues that can be taken. But those avenues can only be used if there are extenuating circumstances that cause the loss of employment.
Loan officers do careful calculations and evaluations of a person's job security, income, and other things that come along with having a job. It's required that we have at least two years of work history before we can lend on a home. If a borrower quits, or has their job terminated during the loan process, it can kill the deal.
Lenders are very concerned with a borrower's ability to pay back a loan. Job's get you money, and money pays for the roof over your head. As long as there is reasonable belief that you will be with the company for the long term, a lender will have no problem giving you the money you need to get into a home.
Contact me today for more information on purchasing a home.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
Comments