I just lost my job. I am going to renegotiate my home loan for a lower rate and smaller monthly payments. Do I tell my banker that I lost my job?
They will likely want to verify your income, so yes. You may be receiving unemployment benefits. They can't hold that against you, but will want to know what you are receiving and for how long. That all relates to your ability to repay. They'll also inquire as to your employment prospects.
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They will likely want to verify your income, so yes. You may be receiving unemployment benefits. They can't hold that against you, but will want to know what you are receiving and for how long. That all relates to your ability to repay. They'll also inquire as to your employment prospects.
