Your employment status is a critical factor for lenders, and it often carries more weight than you might realize. To a lender, your employment status is a strong indicator of your employer's commitment to your continued employment. What can be proven on paper matters most, regardless of how you feel about your job. Here are some key points to consider:
Permanent Employment: When a lender sees that you have a permanent status (meaning you've passed probation), it gives them confidence that you're a valuable and reliable source of income.
Probationary Period: Even if you have a high-quality job, if you've only been with the company for a short while, you may be required to prove that you've successfully completed any probationary period.
Parental Leave: If you're on parental leave, you can still use your return-to-work income for your mortgage application, as long as you have an employment letter that outlines your guaranteed return-to-work position and date.
Term Contracts: Term contracts can be more complex and ambiguous. To qualify income from a term contract, it's typically necessary to establish that you've received income from this source for at least two years.
If you've recently changed jobs, are contemplating a career change, or have mortgage-related questions, please don't hesitate to connect with me. I'm here to assist you in navigating the process and making informed decisions. π’πΌπ¦
https://www.dianebuchanan.ca/
