Employment Information Are You Stable?
This section of your home loan application addresses your employment information. Stability is considered by looking back over at least the past two years. Another of the two year look backs of a mortgage loan application.
Be prepared to provide your mortgage lender with the name and address of your employer(s). How long have your worked for this employer? Please be exact with your to and from dates. Many times I’ve asked mortgage loan applicants, “How long have your worked there? I will receive a reply “I’ve been there about two years”. Probing further I find that you have been with this employer one year and 10 months. One year and 10 months is not two years, we need to look back further.
What is the phone number of your employer(s)? The question being asked here is not necessarily your work phone number, but what is the phone number of the person your home loan lender should call to verify you really work there. Yes, we actually will call!
You will need to tell your mortgage loan lender your position, title and type of business of your current job and any previous jobs, if you have changed jobs within the last two years.
You will be asked, how long have you worked in this profession? This is a big component of measuring employment stability. You will not be penalized just because you have changed jobs in the past two years. If you have been in the same profession for a longer period of time and your job change represents advancement you are happy, your lender is happy, everyone is happy. On the other hand if your latest job indicates you make less money in the new position you may be asked to provide an explanation. There can be many legitimate reasons for accepting a job for less pay, but this could also be a sign of questionable employment stability.
Saving the best for last, are you self-employed? If you have been self-employed for less than two years you will have a difficult time obtaining loan approval. If you have been self-employed for longer than two years, but have changed locations within the last two years be prepared to explain why a change in location does not affect your income stability and as a result your employment stability.
If you have been employed with the same employer for two years or longer this section is a snap. You probably have all the information in the front of your mind. However, if you’ve changed jobs in the last two years you may need to gather this information for your previous employer(s). The more complete information you provide in the beginning the less stressful the home loan application process will be. Your mortgage loan officer will also love you for providing complete and accurate information.
Have you had multiple job changes, gaps in employment or a change of profession in the last two years? Do not be afraid to apply for a home loan. Remember to provide complete and accurate information. Provide your mortgage loan officer with explanations for any job changes, gaps in employment and changes in profession from the beginning.
Your home loan lender has to manage their time. When reviewing 
two mortgage loan applications where one is complete and another is not, guess which application receives attention first. You are correct, the application that is complete moves to the top of the stack.
Next Up in the Series
Monthly Income Information
Previous Series
Property Information and Purpose of Loan
Borrower Information
Jay Williams
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