Welcome to the Close More Deals podcast. I'm your host, Scott Dillingham. Today, I'm gonna be talking to you about probation. We hear it a lot where a client will go and they'll get preapproved and the lender says, no, you're on probation or you haven't been in your job long enough. And then the clients come to us and we get them approved.
Scott Dillingham:There's no secret, it's just that every lender has their own policies as to what they support and what they don't support. So there's a couple things and I'll be diving into it today, so you can understand how the program works. So first off, there is, when we're talking about no probation, but you've only been at your job for less than a year. A lot of banks require that one year. So if your client is going to them, right, and they're hearing, you you're declined, you haven't been at your job long enough, right away it should trigger, okay, let's get them to Scott at Lens City, let's do this because he's got the lenders that can move forward without this.
Scott Dillingham:So just know that that is the thing. Now, know, pros and cons here and caveats, I wanna give you all the details so you have it all. If this is somebody that works two months here, two months there, five months there, nine months, two months again, right? And we're just seeing an inconsistent job, like they can't hold a job, then that's a problem, right? The lenders, they're not gonna help with that, but if that's not the case, then yes, we've got the lenders.
Scott Dillingham:And now we'll talk about probation. So depending on the client's file, we have many lenders that even if you are on probation, they'll move forward and they don't care. Now, is fantastic because everyone, usually I'm gonna say nine and a half out of 10, because I do see some roles at different jobs, where it's high profile and you're being recruited, where they don't have any probation in it at all. So I have seen some of those, but it's rare. But anyways, if you've got the probation, it's not a problem depending on the lenders.
Scott Dillingham:So we use this program a lot, especially somebody moving from one town to another town or somebody who feels like, you know, this new employer or new job or career category, right, maybe it's a completely different employment than what they've had before, where that they feel like they can get more, they move forward and they're on probation. So let us know, talk to us about it because each case is unique and I don't wanna promise you that yeah, this is no problem and then there is problems. So let's discuss it, but just to know that you can do probation, the lenders that support the probation, we have them with CMHC and the alternative lenders and obviously private lenders. So we have it across the board, these are A lenders I'm referring to, They're not banks, but they're called monoline lenders, and a monoline lender is just just a lender, just a mortgage lender. They don't sell the banking products, they've just have the mortgage balance, that's it, and they're more flexible on their rules because they kinda have to be if they wanna grow.
Scott Dillingham:Right? They only sell mortgages. So that's how it works high level. I hope this episode added value and it will help you to close more deals. Please share this with your other realtor friends if you found value and looking forward to seeing you next week.