David Saks: August 2008

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

27 Reasons to Disqualify You For A Loan : #9 Length of Employment

                                  9

When you tell your lender that you've only been on your job at the car wash for two weeks it might not look too good for you at loan decision time.

In addition to the necessity of verifying your assets, the lender will want to verify the employment information that you provide them with on the loan application. This is in addition to the verification process that's also undertaken to verify details related to the information you provide regarding your bank accounts, including your savings and checking accounts. The lender will notify your employer that your applying for a loan, possibly forward forms to the employer, and request that information verifying your salary, job history and length of time on the job are included in the report they're requesting to validate that what your saying on the loan application is not a misrepresentation.

If there are discrepancies, or if the history doesn't meet with the lender's qualifying guidelines, you'll be asked to provide additional information, be denied, or both in the final analysis.

Being on the job for a long time, and demonstrating a responsible employment history to your lender, will go a long way when you apply for a loan.

How about it loan officers? What are your thoughts?

Next: Unable to Verify Employment




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • August 17 2008 06:09PM
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