Self Employed or Staring a New Job?
By myfirstcho6600809, Jul 15 2019 11:31PM
Here are a few tips on getting a home mortgage…
If you’re in the market for a new home but are concerned that your brand-new job might come into question as you apply for a home loan, don’t worry!
There are steps you can take to present your employment history in a favorable light.
Lenders are Looking for Income Stability
After all, if you default on a mortgage, the lender is left holding the bag.
By providing proof of a steady income, you show your prospective lender you are a safe bet!
When evaluating loan applications, lenders will usually look for a two-year history of employment in a similar job or in the same line of work, including company names, phone numbers, positions, and length of time at the companies.
Their biggest concerns are gaps in employments, frequent job changes, length of employment and changes in income (increases AND decreases).
It’s easy to explain taking time off to go back to school for a degree that will advance your career potential, or to care for a sick family member, or raise your family.
If you’re self-employed, you’ll need to show that you can support your business and support a mortgage.
Be prepared to provide information that can verify your income, including past tax returns.
Let us help you show your unique situation in the best possible light.
You’ll be glad you did!