My work is contractual and was laid off last year so my income is 50x less than what I make now. The thing is im still on term but will be employed whole year this year.
One bank we stated i was in contract and we got denied for pre pproval.
Second bank we showed the confirmation of employment and we got pre approved.
Just wondering how will this affect during the approval process? Is there a chance we will get approved or will we be denied? How do they confirm COE?
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Ask to go through full underwriting.
It's free to chat with different mortgage companies about this
The fact that one lender declined you and another pre-approved you doesn't necessarily mean either one is wrong. It often comes down to how the income was documented and whether the lender was comfortable that your employment is stable and likely to continue. During underwriting, lenders typically verify employment again before closing. That can include contacting your employer or using a verification service to confirm you're still employed and, in many cases, that your employment is expected to continue. If your employer has provided documentation confirming your position and expected continuation, that's generally a positive sign. No one on Reddit can say for certain whether you'll be approved, but if your file was pre-approved with full documentation and your employment doesn't change before closing, I'd stay in close contact with your loan officer and provide any requested documents promptly. They'll be in the best position to tell you if they see any concerns before they become problems.