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Looking for a Mortgage? It Might be Time to Review Your Resume

When evaluating a potential borrower, lenders consider a number of

factors. You already expect to produce a good FICO score, proof of

income, and a reasonable down-payment, but have you reviewed your

resume? A crucial aspect of loan approval is your employment and

employment history – your resume.

Your employment history provides lenders some insight into your financial

stability and income consistency. They want to ensure that you have a

steady source of income that will cover your mortgage as well as

household essentials. Typically, this involves pay stubs, W-2 forms, and tax

returns. They will also verify employment with your human resource

department, including hire date. If you have been in the same job for a

while, this strengthens your application by reducing the risk the lender

assumes in loaning you the money. Sometimes, the lender will need to look

closer and ask for more documentation if your employment history reveals

potential issues.


The approval process for self-employed borrowers may be slightly different.

Lenders will expect a strong, steady income stream that will be ve

rified with

bank statements and tax returns. A company profit and loss statement will

also be requested.

Employment Gaps

Extended, unexplained employment gaps may be a concern for lenders.

The key is to explain, and most lenders understand reasonable

explanations such as education, caring for a family member, or



Changing Industries

Recent changes to your career track or industry can be a red flag to

lenders. Remember they are looking for consistency. However, as with

other issues, having a strong reason for the change and demonstrating

financial stability can alleviate these concerns.

Before you send off your loan package, it’s worth giving your resume a

quick review. Proactively offer documentation for anything that seems

unusual or that may cause questions. Working with your mortgage

professional can help you navigate the process and result in a loan



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