Job stability is a good thing for mortgage lenders. Lenders reward stability

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Job Stability


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Did you just get a new job? If so, it could impact the interest rate on your mortgage. Lenders reward stability, and mortgages are available that offer favorable rates to borrowers who have held the same job for the past year. Of course, there is little you can do if you just started a job, but this is a mortgage feature to keep in mind if you have been at your current job for a while.

If you did start a new job within the past year, there is no need to worry - or delay the purchase of your new home. You still can move forward with your plans. After you have held your job for a year, you may want to consider refinancing your mortgage to take advantage of your new job stability. Consider it a reward you give yourself for the one year anniversary of your employment.

Mortgage lenders love stability, and having spent at least one year at your job when you secure your mortgage demonstrates that you are stable. While many factors will affect the mortgage rate you receive, the time you have spent at your job can be an extra advantage. This matters when every fraction of a percent on your mortgage rate can save you thousands of dollars over the life of your mortgage!