👶 Parental Leave and Mortgage Qualification 🏡
If you're considering finding a new property to accommodate your growing family, but you're unsure how your parental leave will impact your ability to get a mortgage, this post is for you!
Here's how it works: When you work with an independent mortgage professional, it won't be a problem to qualify your income on a mortgage application while on parental leave, as long as you have documentation proving that you have guaranteed employment when you return to work.
🏦 On the other hand, if you walk into your local bank to look for a mortgage and disclose that you're currently collecting parental leave, they may only allow you to use that income to qualify, limiting your options.
The advantage of working with an independent mortgage professional is choice. You have a choice between lenders and mortgage products, including lenders who use 100% of your return-to-work income. To qualify, you'll need an employment letter from your current employer that states essential details such as your return-to-work date and guaranteed salary.
Whether you intend to return to work after your parental leave or not, once the mortgage is in place, what you decide to do is entirely up to you.
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