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Ask HN: Does working remotely hinder the ability to get a mortgage?

5 pointsby taesualmost 6 years ago
Consider a person A who works regular 9-5 job vs a person B who works for a company in another country remotely, does the bank see person A and person B differently at all provided that they make the same salary?

5 comments

shooalmost 6 years ago
I suspect remote&#x2F;on-prem would be much less important than the difference between permanent employee with predictable salary versus freelancer&#x2F;contractor with less predictable income.<p>If the bank were really on the ball they might try to estimate the probability of you losing your income stream and the probability you&#x27;d be able to replace it with a new one to keep paying off the mortgage. Then where you lived and what local opportunities for work were available might come into it. Giving a loan to a person in a small town with only one big employer &#x2F; one industry is riskier than giving a loan to someone in a location where there are many alternative opportunities for employment. But on the other hand, land is probably cheaper in the small town, so the loan might be smaller..
codingdavealmost 6 years ago
Based on my experience, no. They look at the documentation of your income and debts. Where I physically sit when I work simply wasn&#x27;t asked.
navigatesolalmost 6 years ago
Interesting question.<p>I can&#x27;t say for sure, but my take is it probably wouldn&#x27;t, based on a couple things:<p>1. I&#x27;ve known people who work sales for companies located across the country. We don&#x27;t consider these jobs &quot;remote&quot; like the tech world, but they&#x27;re similar in most respects. They own a home in a different city than their employer.<p>2. Banks and brokers are, for the most part, dying to give away money. The employment section of the mortgage application often doesn&#x27;t ask much more than how long you&#x27;ve worked at your employer and what your salary is (sometimes a letter from your employer is required, but should be no problem).<p>Just apply, it doesn&#x27;t hurt.
duxupalmost 6 years ago
I&#x27;m not sure they would even know &#x2F; bother to check.<p>I&#x27;ve regularly worked for companies located far from where I bought a home. The topic never came up outside of income.<p>Feel free to ask a mortgage broker or rep from the mortgage company, they are happy to answer questions.
skeeterbugalmost 6 years ago
I had to have my manager sign a letter that I was a full time remote employee.