Workplace Benefits
4 Ways Your Employer Can Help You Buy a New Home
Believe it or not, your employer could be a resource in the home-buying process, when it comes to benefits and cost-saving opportunities. If a move is on the horizon for you, here’s how your employer could help.
1. Verify your employment
Verification of employment (VOE) is a critical step when you’re applying for a mortgage. Confirming your job and income are significant factors in determining your home loan eligibility. Check with your employer’s HR department to see what the process is to retrieve a VOE that you can share with your lender. It may be as easy as filing a request through your employer’s intranet.
2. Access to legal services
From the time your offer is accepted to the day you close, the home-buying process includes a flurry of legal must-dos and paperwork. You’ll need a lawyer to help you along the way and protect your interests. See if your company offers access to a legal plan as a voluntary benefit option. Enrolling can help reduce the stress of finding a qualified attorney and reduce the cost of what you might pay without the legal plan.
3. Connect to a credit union
Contact your employer’s HR department to see if your company has a relationship with a credit union. Many businesses have employer-sponsored credit unions to help their employees better manage finances and improve their credit ratings. Borrowing your mortgage from an employer-sponsored credit union versus a bank may be the ideal solution for those with lower credit ratings and individuals looking to save on fees.
4. Get homeowners insurance
Once you become a homeowner, you’ll want to protect your home and belongings with homeowners insurance and liability coverage. Homeowners insurance may be a benefit offering through your employer. Participation in these programs is usually voluntary, so ask your employer if you have access to a group homeowners insurance program. This option may give you a more competitive policy at a better premium.
While buying a home can be a very personal experience, consider opening a dialogue with your employer about how they support employees embarking on this journey. Open communication with your employer can help ensure a smooth home-buying process, and you may also uncover cost-saving opportunities.