Why Your Job Matters When Buying A Home

Real Estate Blog

Numerous factors determine the type of house you should or can buy, but did you know that your job is one of these factors? The type of job you do, how long you have been doing it, where you do it, and how much you earn from it will all affect your hunt for a home. Here are some of the specific aspects of your home search that your job may affect:

The Ease of Mortgage Qualification

If you are like most people and you want to buy your home on a mortgage, then you should know that your job will be one of the factors the lender will analyze to determine whether to advance you the loan. First, the lender will have to confirm your job stability. This means you may be disadvantaged if you have only held the job for a short time. Lenders are wary of such shows of job instability; what if they evaluate your mortgage application with the current parameters and then you quit the job soon after?

Secondly, your job determines your income, which is another thing lenders look at when processing home loans. The lender wants to know that you will be able to pay your regular expenses and mortgage repayments with ease.

The Neighborhood You Can Occupy

Your job will also influence where you can live; this is not just the "little" matter of living in the city where you work. Here are other job-related factors that can affect your neighborhood:

·         If you don't work at home, then you need to factor in your commute time to ensure that you can get from your home to work and back with ease

·         If you work at night or have to arrive home after dusk, you need a neighborhood where you can move after dark without fearing for your life

·         If you need a car for your job, you need a place where owning a car is not a terrible burden

Ability to Work from Home

Lastly, the type of home you need if you work from home is different from the type of home you need if you work outside the home. For example, if you work from home, you need a quiet place where you won't be distracted by noise (apartments near busy highways come to mind).

The good news is that an experienced realtor can help you land a fitting home for sale irrespective of your job. Talk to one today to see the available options.


26 January 2018

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