Posts Tagged ‘New Job’

I just got a new job! Is a home loan possible?

April 6th, 2010 21 Comments
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New Job,Home LoanHi there, I finally started work at my new job.  I’ve lived with my parents for the longest time, but now I want a place of my own.  Is it possible for me to get a loan?

Yes, it possible.  Generally banks and lenders would like you to have spent at least half a year at a job before they decide to grant you a loan.  This is expected because banks calculate risk, and it is more risky for them to be granting loans to people who have not spent too much time at their jobs.  This is because there is a high possibility of not keeping their jobs, and ending up not making the loan repayments.  When you are unable to make repayments then the banks will lose money, and then have to look for ways and means to recoup their losses.

However, if you desperately want a new home, and cannot wait for six months, or twelve months in order to get a loan, there is still a way of getting a home loan.  The trick is to find the right lender.  There are lenders out there who look at those holders of a new job differently.  In fact, there are some lenders who are willing to grant a loan even if you have spent just one day on the job.  Others may require a shorter period of one month or three months, at least you do not need to wait for the full six months.

The home loan experts have access to these lenders who are open to granting loans to new job holders.  They understand the situation of those who have just started working, and their need for access to quality loans.  With their help, it is highly likely that you will be able to get a home loan, even if you have just started a new job.