Being eligible for a new mortgage is a difficult task, especially if you do not know the impact of your credit report score on your prospects of getting a loan. The first things a lender considers is your credit report or FICO score that help in deciding your eligibility for a mortgage loan.
It is a combined score that offers a quick overview of your overall responsibility rating while dealing with finances. It deals with the maintenance of repayment plans and your total debt to income ratio, job security etc. The better your credit report score, higher are your chances of being approved for the loan of your choice.
There are various other aspects that a lender looks into before coming to the decision about your eligibility for a mortgage. One of them is job stability. Lenders are aware that people who stick to the same field of work, have a higher chance of remaining employed and hence have a better chance of repaying the debt. Hence even though you have switched jobs recently, but have managed to go on advancing in the same field or have just switched employers but have managed to remain in the same type of job, you can be easily approved for a mortgage. The only problem you can experience is if there are any negative reasons for switching jobs.
· 1 decade ago