How long do you have to be in employment before applying for a mortgage?

I'm just about to leave university and I'd like to get a mortgage as soon as possible.





I have full time employment lined up with the government and there is no probationary period attached to the job.

How long do you have to be in employment before applying for a mortgage?
You should be able to get a mortgage very quickly. You may have to wait to close until you have a pay check showing 30 days employment. Excellent credit %26amp; a down payment should do the trick.


Congratulations!
Reply:Congratulation on your decision to buy a home. The very best thing you could do is check with a professional lender or mortgage broker and see if there are any programs available in your area for first time home owners. Many cities and towns, offer assistance to first time buyers. As to work history that is important, did you do any training in this field? Where you in a mentor program? A good real estate agent can be helpful, with assisting you in getting answers on the current market conditions in your area, and helping with first time buyer funds that could be available. Check out FHA they are have very flexible terms and conditions. Also go to HUD.Gov, there is a ton of info on buying a home.
Reply:Usually lenders like you to be employed for around 2 years. Since you are just leaving university, they might work with you. Especially if you are entering the field you studied. Call some lenders and explain your situation. They should be able to tell you if they can work with you or not.
Reply:As an FYI… per the Federal Trade Commission (FTC) http://www.ftc.gov/freereports , there is only one source for you to get a free credit report from all three credit repositories, “annualcreditreport.com”. https://www.annualcreditreport.com/cra/i...





Do not give anyone else your personal info without seeing them in person.





Make sure to price out your loan with your LOCAL banks and mortgage brokers only.


A lot people giving advice on here are also looking to give you a loan (it’s not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.





Remember Buddha's advice:


"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (it’s not advice, its advertising). Don't buy "it."





When shopping for a mortgage, here are a few things to do to maximize your savings and time:


1. When asking for a Good Faith Estimate(GFE), tell each mortgage originator (lender) what interest rate to use so you can compare apples to apples (rate affects closing costs). This is probably a different thought process for you because you always shop interest rates on a mortgage right? Remember all mortgage originators have identical wholesale interest rates. If you shop the same interest rate among mortgage originators, it levels the playing field and discloses what they want to charge you for their time to originate and close your mortgage. It is similar to shopping for a car. Why does the exact same new car vary in cost from one dealership to the next? Some dealers want to make more profit than others.


2. Secure Good Faith Estimates from various mortgage originators within a 4 hour time frame (rate and pricing can change daily and even multiple times in one day).


3. Do not compare the prepaids, reserves, escrow, title charges, and government recording sections of the estimates; third part fees are not controlled by the mortgage originator.


4. Ask each mortgage originator to base the interest rate on a 30 day lock unless you need longer.


5. If the loan allows you to waive escrow (paying taxes %26amp; insurance yourself), let the mortgage originators know because this will affect closing costs.


6. If refinancing, let the mortgage originators know if you are pulling cash out. A cash-out refinance usually increases closing costs.


Your Biggest Challenge


The mortgage industry today has never been more unethical. The industry has produced several record-breaking years in a row regarding total origination and as a result, greed is driving the industry. Your biggest challenge is receiving a Good Faith Estimate that is provided to you in "Good Faith"! We spend more time showing consumers how mortgage originators are lying to them in regards to an estimate given! That’s right, lying! “Bait and switch” has become a prominent sales tool in the mortgage industry. Bait you in with a bogus estimate then switch things after you are hooked. This is so discouraging; banks and so called direct lenders have become some of the worst at this practice. Education is your biggest weapon against this practice. Take the time to fully understand closing costs and rates before proceeding.


You should know exactly how much the mortgage originator is getting paid by all sources (no matter where it comes from, it's ultimately coming out of your pocket). Protect yourself by asking for and receiving prior to application and origination a written guarantee stating the TOTAL amount of compensation (YSP, rebates, commissions, kickbacks) that will be received and kept by the mortgage originator. This will help assure that your best interest is kept in mind.


Originating a mortgage is a service, not a product; compensation should not be based on the loan amount or interest rate.


All ethical, honest, upfront, transparent mortgage originators will be more than willing to provide you with a written total compensation guarantee in addition to the (GFE) Good Faith Estimate (focus on the word “Estimate” because that is exactly what it is, an estimate of charges) prior to originating your loan.