How Long Do You Have to Be Employed to Get a Mortgage Loan
If you are considering applying for a home loan product, you may want to know how long you have to be employed to get a mortgage loan. Home loan lenders will use your employment status and history to determine your probability of accurately making the required mortgage repayments.
How long you have to be employed to successfully obtain a mortgage loan varies depending on the individual home loan provider. However, most lenders prefer that you have at least 3 months of current employment.
There are different types of employment history that you’ll need to consider before applying for a mortgage loan, including the following:
- Full-time and long-term employment
- Part-time long-term employment
- Freelancing employment
Applicants with full-time and long-term employment are generally preferred by home loan lenders because it is the type of employment that comes along with the least amount of risk. If you are a full-time and long-term employee, you will generally have a solid repayment history and credit score, indicating that you are a low-risk applicant.
If you have long-term, part-time employment, your home loan lender will most likely require you to have been at your current place of employment for three consecutive months after your probationary period has come to an end.
As a freelance employee, you will generally be required to show your home loan lender proof that you have a long-term income. In the past, freelancers have faced difficulties gaining approval for home loan products. However, this is no longer the case.
Mortgage House offers a wide variety of low-document home loan products catered to self-employed or freelance individuals who are not capable of providing the in-depth financial documents required by traditional home loan products.