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Job market improvements promising for mortgage industry


A borrower's job security can be very important when qualifying for a mortgage.

When it comes to qualifying for a mortgage, a borrower's job security can be very important, since a sizable portion of their income will go toward loan payments.

During the week ending November 17, the jobless claims declined by 41,000 filings, according to a report from the Department of Labor. In total there were 410,000 filings, which could indicate that employment conditions are improving.

However, some economic experts claim the recent effects of Hurricane Sandy made it difficult to get a proper gauge of what's really going on in the job market.

"Market News International reports that the Labor Department has no handle on the magnitude or the duration of the storm effect," said analysts from Econoday. "The Labor Department is warning that there may be excess claims due to the storm."

As a greater number of Americans obtain job security, this could result in more relaxed mortgage lending standards in the near future. Borrowers considering a transition to homeownership should start collecting all the documentation they need to ensure a successful transaction.

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