New Job and the Property Virgin

Q: I am looking into buying my first apartment. My concern is that I have only been with my current employer for 6 months and my question is whether employment history plays a major role in getting a mortgage or board approval?

Length of employment is an important factor, especially today due to the economic environment.  A mitigating factor here might be how long you were with your previous employer - a proven track record may help your case.  Before you begin your home search you should speak with a mortgage professional who can guide you properly on this issue. In some cities where board approval is required your real estate broker will also be able to provide you with information as it may vary on a case-by-case basis i.e. depending how strict the co-op or condo board.

There is no harm in starting to search now. Finding an apartment takes a lot of time and by the time you find one you want to put a bid on, you may have locked down a full year with your current employer.

Happy Hunting!

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