What do Lenders look for in a job application?



What do Lenders look for in a job application?

The lender may inquire about the likelihood of continued employment. Lenders are also interested in verifying position, salary, and work history. While lenders usually only verify the borrower’s current employment situation, they may want to confirm previous employment details.

What is the minimum employment history to get a mortgage?

All mortgage lenders require a two year employment history by borrowers. However, borrowers do not have to be employed by the same employer for the past two years. Borrowers do not have to have two years of continuous employment history from the same employer.

Why is employment history important when applying for a mortgage?

Your employment history is important for two primary reasons. First, having at least a two-year employment history shows lenders you’re capable of holding a job and are likely capable of making your mortgage payments. The income verification process also helps lenders determine how much of a loan you qualify for.

How do mortgage lenders verify employment history?

How Mortgage Lenders Verify Employment. Mortgage lenders usually verify your employment by contacting your employer directly and by reviewing recent income documentation. The borrower must sign a form authorizing an employer to release employment and income information to a prospective lender.