Mortgage...new job (probation period)

[meanmachine13]

I am looking at finally buying my own place, however just started a new job in july with a 6 month probation period.

Does anyone have any experience or knowledge of any mortgage providers that will consider a mortgage with someone who is still in the probationary period of a job?

[Drury18]

I was pre-approved for a mortgage in 2011 while I had I think a month or so left in my 3 month probationary period by First National Mortgage. Managed to get one of the lowest rates and below posted ones as well. I worked with a mortgage broker to get the pre-approval and she mentioned while it might limit the options being on probation (some banks won't touch you), if I could prove that I was working in a line of work which I have in the previous couple of years at a salary that was consistent with previous jobs, some places will accept that. Essentially, if you are a career IT support guy who makes $60K a year and your new job is still an IT Support guy making close to that, you should be okay. If you are a career IT Support guy and you are working now as a Registered Nurse for $40K a year, they might have some hesitations.

Also factoring in of course would be your credit history. If you have perfect or near perfect credit history, they would be more inclined to be lenient on length of job. If you have some issues, they will probably require you to have more time in so that you are less of a credit risk.

The broker I used was Pat Hampton (now Forgio apparently) and she specializes in first time mortgages and was great for asking questions. Definitely would recommend her. http://www.qmortgage.ca/team/name/pat-hampton

[Travis Munroe]

Best to speak to a mortgage broker. Let me know if you want me to put you in touch.
Long story short - it is possible to avoid to purchase during your probation period with certain circumstances.

[Mortgage Made Easy]

Originally Posted by meanmachine13

I am looking at finally buying my own place, however just started a new job in july with a 6 month probation period.

Does anyone have any experience or knowledge of any mortgage providers that will consider a mortgage with someone who is still in the probationary period of a job?

Hi meanmachine13 -

We are new to the Calgarypuck forum and thought I would send you a reply to your question.

There are situations where lenders will accept and approve clients in probation. A number of factors come into play to determine the exception:
- Is the new position similar to previous position? And how long have you been in the previous positions (tenure)?
- What is the down payment? 5%, 10% or more?
- Overall credit and net worth helps with making the approval and exception.
- other considerations..

There are careers that have longer than 3 month probations and these typically have exceptions that can be made. Case in point is Police Officers have a 12 month probation and we do not have many issues with these exceptions.

If you need more info or have additional questions... PM or email. Thank you ~Tim