Can A Boss Help Save Money On A Mortgage?

Most people recognize that keeping up a good relationship with their boss is important for their job security.  What many people don’t recognize is how important a strong relationship with an employer is for life outside of work.  The way a boss thinks of you as a worker and as a person benefits your income, your career, and even helps you buy a home.

When workers plan to change their work environment, a reference letter from the boss is one of the most valuable documents available when heading into a new job interview.  An employer is recognized as someone who knows their employees professionally, but is considered detached from them personally.  As a result, the reference letter is considered an excellent judge of character to potential new employers, government institutions, and even creditors.

It is the latter that many people fail to recognize that a reference from the boss can benefit them personally as well as professionally.  Banks and other financial institutions prefer to lend money to applicants who can present references that aren’t written by friends or family.  In many cases, a credible reference letter from an employer can help a new homebuyer acquire a loan with more affordable mortgage rates than an applicant without that referral.

Low mortgage rates are very important in today’s economy, which is still recovering from the Great Recession that began in 2008.  A few basis points can add up to thousands of dollars over the lifetime of a home loan, which is money that can be placed into savings accounts or set aside for retirement planning.

Many people will also compare the best mortgage rates online, and then use an employer’s letter of reference to secure even better options.  The internet is the optimum tool to help people find information, and mortgage comparison websites evaluate the best financing quotes in one convenient location.  After applying for a mortgage and being put in touch with an appropriate broker or banker, referral documents can be used to negotiate even more affordable terms.

A relationship with a boss is perhaps one of the most unique relationships that you can have, but a rapport built on mutual respect can prove more beneficial than many people even realize.