Lenders look at a variety of factors when approving you for a mortgage. Your employment is one of those major factors. In most cases, you need to be employed to get a loan. There are the few exceptions for those borrowers that live off retirement or investment funds, but most borrowers have a job. Compare […]
Are Interest Rates Higher for Borrowers with Irregular Income?
Self-employed and commissioned borrowers face a unique situation when trying to obtain a mortgage. Because their cash flow might not be as consistent as someone with a standard salary, it can be hard to document their income for qualification purposes. These borrowers are often left without a mortgage because of the difficulty with their income […]
Can you Get a Mortgage Without 2 Years of Steady Employment?
Years ago, the only way you could secure a mortgage is if you held the same job for 2 years. It’s what lenders preferred. It showed stability and reliability. Today, however, that’s not the norm. People change jobs all of the time. Does this mean they can’t secure a mortgage? Luckily, you still can get […]
Preparing Financially If You Think You Might Lose Your Job
The writing is on the wall. You know it is just a matter of time before you lose your job. Rather than waiting for the other shoe to drop, you can prepare yourself ahead of time. The tips we provide here can be used whether you leave voluntarily or it is a forced decision. Either […]
How to Get a Home Loan With no Job
A home loan with no job seems impossible. After all, the first question lenders usually ask is “how much do you make per month?” If you tell lenders you don’t have a job, you fear they will laugh in your face. The good news is there are ways to get a mortgage even without a […]