Pregnancy and Mortgage Loans: Can They Work Together?May 22, 2017 / byArs Lexis / Categories : In Focus
When you’re pregnant, and your current home is getting smaller for your needs, it makes sense to move into a bigger house. While you can always rent, some couples opt to buy new homes through a mortgage. According to Mortgage Ogden, pregnancy can affect your mortgage application and approval. If you are looking into mortgages in Ogden, here are some application tips.
Inform your lending company that you are pregnant.
Lending companies need to study your financial capacity when you are applying for a mortgage. Pregnancy can affect your financial health. This is not only because for the perceived maternity leave but also the impending expenses that come with childbirth and baby care. Whether you are a one-income or two-income household, you need to inform the lending company about your pregnancy.
Tell them about your maternity leave.
Some women choose not to go back to work after giving birth. Some choose to become freelancers or part-time workers. But most working women tend to stay employed and just rely on their paid maternity leave. If you are the latter, you need to inform your lending company that you intend to go back to work after the maternity leave.
Tell them when you plan to return to work.
Some new mothers choose to take extended leaves at home after giving birth. It is really up to you, but you need to inform your lending company when you intend to return to work. If you have other means of income, such as freelance or part-time jobs, you need to include this in your application as well. They need these details to assess your ability to pay.
Mortgages and Pregnancy
Pregnancy should not hinder your plans to buy a new home. But lending companies need to know the state of your finances and your earning and paying capacity so they can gauge your financial health. Consider these tips if you plan to buy a new home and move into one before you give birth.