Your Employment Experience

When you meet someone for the first time, one of the first questions asked is, “What do you do for a living?”  Since we’re getting to know you too, we will ask this same question.  Your job experience and stability is a prime indicator of your ability to repay your home loan.  The lending industry considers your employment steady if you have been working continuously for two years or more.  Even if you have changed jobs in the last two years or you work in a field where transition is common, you are still considered steadily employed as long as the changes were unilateral or resulted in a pay increase.

Of course, there are exceptions to the rule.  Perhaps you were discharged recently from the military, finished school, suffered from an illness, or your work is seasonal.  If your employment tenure is less than two years, in most cases all you need to do is provide an acceptable explanation.