2006-09-20 12:55:15 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes, but then anything you do that affects your income or your income history will affect your credit rating.
If you are moving to a better paying job then it will help your credit rating, although just changing jobs could hurt it.
If you are at a current job and then suddenly change jobs it will hurt your credit rating.
Luckily you are dealing with a person, a banker, when you want to apply for a mortgage. So tell the banker what your new job is and why you are changing jobs. If you are going to a better job, you are more likely to stick with it. If you are going to a job that has better benefits or pays better then you will be able to make your mortgage payments easier. Basically any job that improves your situation will help you to get a mortgage loan.
2006-09-20 13:05:35 · answer #1 · answered by Dan S 7 · 0⤊ 0⤋
Will it affect getting a mortgage?
Depends on how long you were with the company.
Do the mortgage before or after? Before. I wouldn't take the chance myslef. Banks look for steady employment.
2006-09-20 13:00:24 · answer #2 · answered by helpme1 5 · 0⤊ 0⤋
Yes, it will have an impact, unless they can verify two years of employment prior to that. If you leave during the process of you loan, you will run into problems. Lenders/Banks always verify employment before going to docs, or funding your file. You don't want someone to say that you don't work there anymore. It will set you back a couple of steps. Job stability is always necessary when doing a loan, among other things. Good luck.
2006-09-20 13:06:18 · answer #3 · answered by marypaz 3 · 0⤊ 0⤋
No the lender desires to verify the final 2 years tax returns. in the journey that your earnings is under qualifying then you definately don't get a loan. That a million or 2 month's of pay stubs is purely to make particular you're nonetheless employed by making use of the comparable enterprise
2016-10-01 04:51:57 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Depends on the lender. Many banks like to see you at the same place of employment for at least two years before approving the loan (or if you are married if at least one of you has been in the same job for that long.)
I'd do it prior to changing jobs unless you are going to be making much more at your new job.
2006-09-22 12:41:38 · answer #5 · answered by CattGirl 2 · 0⤊ 0⤋
It will not reflect negatively as long as your new job is in the same industry as the job you've left, and it's a 'promotion' (IE it isn't a lateral move - you're getting more money to take this new job.)
2006-09-20 13:42:11 · answer #6 · answered by Laquishacashaunette 4 · 0⤊ 0⤋
to be safe and assure getting the mortgage, i would apply for the mortgage first and then after you get the mortgage and everything is signed, sealed and delivered, then i would give notice..........
2006-09-20 15:03:26 · answer #7 · answered by churchonthewayseniors 6 · 0⤊ 0⤋
I would do it before changing jobs.
2006-09-20 13:03:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If it's a latteral move, it usually doesn't hurt you.
2006-09-20 13:02:57 · answer #9 · answered by Papa John 6 · 0⤊ 0⤋