Employment To Get A Mortgage

You have probably heard us preach that one of the main criteria to qualify for a mortgage is to have a regular income. Why? Because you need to demonstrate to the mortgage lender that you will be able to make the mortgage payments. The most common source of income for mortgagors is employment income. This is income that you generate by working for an employer. You have probably also heard that you need to have a guaranteed salary or an hourly rate with guaranteed hours. Essentially the bank wants to see that your work is not fleeting or intermittent. They also want to see that you have passed any probationary period. If the employment is not a full time permanent position having passed the probationary period, the next best thing is to have been working there for 2-3 years. Then the mortgage lender has some confidence that this will continue even if it is not guaranteed. Does that mean you can’t get a mortgage if you haven’t been with your employer long enough or have a guaranteed position? No!There is a 3rd category: employment history in the SAME INDUSTRY. That means, you may have switched employers recently and haven’t built up a history of 2 years with your new employer BUT you have worked in the same industry for 2-3 years. If this is the case, often the mortgage lenders will consider this as consistent employment. So don’t give up so easily if you think you won’t qualify for a mortgage. Check with a professional at no charge. You have nothing to lose!