David Saks: Real Estate Practice : Lesson 3706

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

Real Estate Practice : Lesson 3706

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 you're 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?




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • September 22 2014 02:36AM

Comments

David, I love your comment "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".  That one is a classic and those of us who have been in the real estate business for a long time can relate to your example.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

Sam !

Posted by David Saks ((retired)) over 5 years ago

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