Do banks verify employment before closing?

0 votes
asked Aug 12, 2019 in Real Estate - Renting by Gmeic099 (290 points)
Do banks verify employment before closing?

1 Answer

0 votes
answered Aug 13, 2019 by linda (29,790 points)
Yes all banks do verify employment and income sources before they close on the property.

The bank wants to know your employment history as well as how long you've been employed and they also check out your income as well to see if you can afford to pay back the mortgage that they approve for you.

Usually the banks will verify your employment status well before the closing of the property or home actually happens.

So the bank will know your income level, credit score and employment history etc before they actually approve your mortgage.

If you have a good credit score, good employment and good income then you'll likely be approved for the mortgage as long as you can afford the payments for the mortgage.

98,443 questions

94,801 answers

1,270 comments

6,992,622 users

...