Your Job, Your Mortgage

By Morgan Saylor

Did you know your job has some bearing on your ability to be approved for a mortgage? Truth.

It’s no mystery that having a history of regular employment can help you get approved for a mortgage. Apart from your income, it’s helpful to know as you make the homebuying journey that underwriters aren’t just looking for a dollar amount, but for long-term reliability.

This is good news for those of us who have stuck it out with one employer for some time, but questionable for those of us on the other side of that.

But consider a few other aspects of your employment record and what your lender may ask of you in relation:

  • Consistency is key – whether that means you’ve had the same job for ten years or you obtained a college degree in the field you now work, establishing constancy in your work life may help you more than you know!
  • A new job – if you’ve recently changed jobs, contrary to some beliefs, it doesn’t mean you can’t qualify for a mortgage. If you remain in the same or similar career field, it doesn’t always count against you.
  • You’re self-employed – if you’re self-employed, don’t expect to be counted out - just expect to provide some additional documentation to your mortgage banker!

All employment situations are different, as these examples illustrate. For more information or if you have a specific question about your work history and mortgage pre-approval, contact your SMC mortgage banker today!


Tags: Loans, Home Loans, employment