A Standard Mortgage Loan Won’t Do the Trick. For buyers purchasing an existing home, it’s relatively easy to get approved for a conventional mortgage, as long as they have good credit. Of course, you might just need to wait a while if it’s a more serious issue that can only be cured with time, which is certainly sometimes the case. Condensed List of Reasons Why Mortgages Get Denied. Loan amount too big 2. Income too low 3. Inability to document income 4. Using rental income to qualify 5. DTI ratio exceeded 6. Mortgage shopping may not hurt your credit score much, but other types of financial activity can impair your efforts to take out a home loan. In fact, applying for new credit, such as a credit card or an auto loan, while you are shopping for a mortgage is far riskier than ignoring the 45-day window for rate shopping, according to Ulzheimer.

1. Can Online Gambling Affect Getting A Mortgage Loan
2. Can Online Gambling Affect Getting A Mortgage Rates
3. Can Online Gambling Affect Getting A Mortgage Lender
4. Can Online Gambling Affect Getting A Mortgage Broker

Can Online Gambling Affect Getting A Mortgage Loan

Worried about qualifying for a mortgage? You’re not alone. Sometimes even billionaires don’t qualify for a home loan, and it can have nothing to do with income or credit history.

Automated mortgage lending systems can flag recent job changes as an indicator of a high-risk lender. Why? A lender can’t make a case for a borrower’s future income based on their current income when jobs are in transition. Borrowers in this situation just don’t have as much paperwork to back up their financial stability, especially if they have gaps in their work history or have changed their pay structure — say from salaried to commission.

Luckily, simply changing jobs or pay structures doesn’t rule out qualifying for a mortgage if you’re ready to be upfront with lenders and are prepared with key paperwork. Follow these tips to plan ahead when a new job prospect is on the horizon and, assuming your credit and income do stack up, you should qualify with ease.

Give lenders a heads-up on new job prospects

Can Online Gambling Affect Getting A Mortgage Rates

First, if you expect to change jobs during the mortgage application process, tell your lender upfront so they can work with you on meeting the requirements. As you ease into your new job, send any relevant work documents to your lender as soon as possible. If you sign a new job contract, forward it right to your lender. Got a new compensation package? Send it over to your bank.

You’ll have to notify your lender of any material changes, including job changes, at the very close of settlement anyway, so the earlier you alert your lender, the better.

Step up your paperwork preparation

Having your paperwork ready is a good practice for any borrower, and it’s especially important for those with income and job changes.

Can Online Gambling Affect Getting A Mortgage Lender

Lenders need to see proof of income. Those first pay stubs from your new gig are especially important to have on hand to show you can continue to meet your bank’s income requirements.

Pro tip: Lenders frown upon irregular, unpredictable earnings, no matter how much you’re bringing in. To put their minds at ease, document as much of your previous irregular income stream as you can and try to calculate trends and averages that will help your case that you actually have a steady, reliable income.

Can Online Gambling Affect Getting A Mortgage Broker

Get your employer’s recommendation

Finally, try to get a letter from your new employer stating earning expectations and confirmation on the security of your job. A move from a salaried position into a commission-based pay structure will be less threatening to lenders who hear from an employer that workers in similar positions regularly draw healthy paychecks.

Has a job change made securing a home loan difficult for you? Share your experiences and tips in the comments below!