Posted on: 11th Apr, 2007 03:08 am
When lenders mention gaps in employment is there a certain length of gap that would be an issue? I had a gap of employment of about a month and half purely because i wanted to leave my job and wanted a break before i started a new one. Will this be an issue? Or do they generally mean gaps of several months. My employment history is as follows: I worked in an insurance company for nearly 5 years, then in retail for over 3 years and then a month temp work in another area of retail and now i work for a bank where ive been for just over 2 months. Do i sound like i could have problems? And as i would be seeking a joint mortgage would it make a difference that or help that im the 2nd applicant not the first? Thankyou so much.
Hi Lisa,
Welcome to the forums.
Your gap in employment being only for a month and half, will not be affecting your application for the mortgage. Considering your employment history, I don't think that's going to bother the lender much. The only thing is that he may ask you whether you intend to carry on the job or switch over to a better one in the same state.
The primary aspect is that you should have steady source of income and your finances should be such that you can manage he loan payments. That is what the lender is concerned about, whether you are the primary borrower or a co-applicant.
Thanks,
Sara
Welcome to the forums.
Your gap in employment being only for a month and half, will not be affecting your application for the mortgage. Considering your employment history, I don't think that's going to bother the lender much. The only thing is that he may ask you whether you intend to carry on the job or switch over to a better one in the same state.
The primary aspect is that you should have steady source of income and your finances should be such that you can manage he loan payments. That is what the lender is concerned about, whether you are the primary borrower or a co-applicant.
Thanks,
Sara
If you are a co-applicant, you need not worry because the lender will consider both your income as well as the other applicant's income.
Lenders usually verify the tax returns and W-2 forms for the past 2 years of your employment and the pay stubs for the past 30 days of your employment.
Lenders usually verify the tax returns and W-2 forms for the past 2 years of your employment and the pay stubs for the past 30 days of your employment.
Hi Lisa,
From the details you have given of your employment history, for the last 3 years you are in the retail sector. This is important.
Lenders prefer you to have the job or even if there are changes in job, it should be in the same profession, which you had for the last 3 years.
So it should not cause any problem while qualifying for a mortgage.
Colin
From the details you have given of your employment history, for the last 3 years you are in the retail sector. This is important.
Lenders prefer you to have the job or even if there are changes in job, it should be in the same profession, which you had for the last 3 years.
So it should not cause any problem while qualifying for a mortgage.
Colin
Welcome CC,
I don't think it makes much sense in refinancing the property and adding the credit card debts to it. If you are facing problems in paying your credit card debts, you can either go for debt settlement or debt consolidation.
I don't think it makes much sense in refinancing the property and adding the credit card debts to it. If you are facing problems in paying your credit card debts, you can either go for debt settlement or debt consolidation.