How Employment History Affects Your Mortgage

You might be thinking I've got a job I can make my mortgage payments who cares beyond that?

That's not true, there are things about employment you should be looking out for that could affect your mortgage application.

Here are a couple of things you should be looking at:

1. Employment History

The longer you're working at one place of employment the better it looks on your mortgage application.

This means NO:

• Job hopping
• Career changes every year

Why?

You really want to show the lender that you are going to be able to continue that job for the next 4-5 years and pay back that mortgage regularly.

2. Employment Status:

You might not know, but there is a huge difference between:

• Full-time
• Part-time
• Contractor

You might be getting full-time hours, but not full-time status. This status just refers to how consistent and how guaranteed your income is.

In life there are no guarantees, but the lender wants to be absolutely sure because they are signing on with you for the next 4-5 years.

If you don't know what your employment status is give your employer a call and talk with the HR department to get that clarified.

Once you have cleared that up, give your mortgage broker a call they'll be able to tell you what the differences in employment statuses are and if what you have will qualify for those really great discounted mortgage rates. If not they'll be able to provide some good tips of what to look for in the future and if you're just building up your employment history, it's a great place to start.