Birmingham Alabama Real Estate Blog

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Get A Yes on Your Loan's Approval Part 4 of 5

As mentioned before, in today's market, there are a lot of things that can cause problems when getting a home.  Since one of those things high on a lot of lists is the loan, we wanted to give a little information that might help increase the likelihood of a yes or at least strengthen the file. 

We are going to be looking at four things lenders look at when deciding on whether or not they should approve a loan. 

Four of these things are:

1. Your credit

2. Your income,

3. Your job and how long you have been there and its stability.

4. Your future income

After going over these four items, hopefully, we can help you prepare yourself to increase your chance of getting that coveted preapproval. 

Today, we want to look at your job and how long you have been there and its stability. Something lenders love to see is that you have a job. Yes, it is true. Employment is a good thing to lenders.

Some things that lenders want to know about your employment are as follows:

· They want to know that your income stream is stable.

· You have been at your job for a year or more. (Unless you are new to the workforce.)

· Due to the fact they tie a correlation between your job and loan payment, a lot of lateral moves make them nervous. In other words, just moving for the sake of moving, not necessarily for benefits.

· If a move does occur and has occurred they would like to see that it was something to improve your financial standing.

Next, we will be looking at your future income.

Comments

Excellent series of posts! Best of luck partner

your friend in Charlottesville

Posted by Charlottesville Real Estate - Your Trusted Broker Charles McDonald (RE/MAX Assured Properties - No one sells more Real Estate) over 2 years ago
Steven - I am sure most people don't realise too many lateral moves without a pay increase can be a negative when looking for a loan.  Great series.
Posted by Jennifer Fivelsdal, Mid Hudson Valley (JFIVE HOMES REALTY LLC) over 2 years ago
Charles... thanks a bunch.
Posted by Birmingham Alabama Real Estate, Stephen Wolfe (LivingInBirmingham.com) over 2 years ago
Jennifer... alas, the reason for the series
Posted by Birmingham Alabama Real Estate, Stephen Wolfe (LivingInBirmingham.com) over 2 years ago

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