can you switch jobs just before you are about to try and get a mortgage
2006-12-05 09:48:59 · 11 answers · asked by Jill l 1 in Business & Finance ➔ Renting & Real Estate
No problem, as long as the same field of emplyment and you have past probation. At least three months, i deal with this type of client a lot. For more information you can contact me at www.AlbertaMortgageGuy.com
2006-12-06 06:37:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't know who these mortgage loan officers or processors are that say you cannot switch jobs. You should avoid them for sure!
You can switch jobs and it isn't a problem if you are using full documentation, even if you are in a completely different industry, unless the income is all commission or self-employed.
Usually the lender wants two recent pay stubs or a written verification of employment with 30 days of earnings on it. However, many lenders will accept a letter of employment.
I've had people switch jobs more than once without telling me just prior to closing and it was not a problem. I just needed some more paperwork. The only time you need to be concerned about job changes is if you are stating your income. Usually you would need 2 years in the same line of work in that case.
2006-12-06 08:44:16 · answer #2 · answered by mortgageguy 2 · 0⤊ 0⤋
As a loan officer, it all depends upon your entire scenario. The short answer to your question is yes you can switch jobs.
You need to show a two year employment history. If your new job in the same line of work, you will be fine. You will also be fine if you can show a qualification. For example, if you were working as a sales associate in a store, received a certificate to work in nursing and took a job in the nursing profession, that would be fine.
Qualifing for a mortgage is a measurement of risk. Lenders look at your credit, income, housing history, employment history, assets, etc. It just has to make sense. I hope this helps.
2006-12-07 04:49:41 · answer #3 · answered by Mama of Four 4 · 0⤊ 0⤋
You can if you have good enough credit and it is in the same field of work. Investors don't like to see what is called a "job hopper". If you have a new job every 3-6 months that is bad. If you have been a nurse for 5 years and want to switch to a different hospital or take a promotion this is fine. I am a broker and have seen many people get denied even after they were already approved for this very thing.
2006-12-05 09:53:54 · answer #4 · answered by MortgagePro 2 · 1⤊ 0⤋
I have never been asked that when I had been pre qualified in the past but my banker knew me so it might have been different. I still think they wont want proof of funds until you write an offer however. The pre qualification letter you get from a lender after they check your credit and employment may have something stating in it that there requirements and qualification for gaining the mortgage is contingent you have funds for down payment. Then when you write and offer the seller may want more information in addition to your letter to insure you can close a deal. Lenders will still issue letters without seeing your down payment cause many of them understand the down payments could be coming from your parents or some deal you are about to close elsewhere. This all said you should ask the lender if they require the down payment to be proved before pre qual letter is issued? Some people keep money in mutual fund accounts and don't want to unnecessarily transfer funds if the real estate offer they are negotiating on falls through. It costs money to transfer funds in many accounts and account balances change daily. I would ask the banker what they want to get you your letter of pre qualifications. The closing costs are often wrapped into the loan just so you are aware of that. The real money you need is the down payment money. If its going to be a gift from a parent then you will just mension to the bank and it wont be a problem. If the bank wants more info just get the parent gifting you to get them an account balance.
2016-05-22 22:13:24 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I'd advise against it if at all possible! If it's in the same field as your previous job with a worthwhile pay raise it might not hurt too much. If you're a career-changer it may lock you out of the mortgage market for 6 - 24 months.
2006-12-05 09:54:56 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes you can. Now you may have problems getting approved if you are changing fields of work. For example if you are a bus driver and you are switching from driving school busses to driving a coach bus than it shouldnt matter too much. BUT if you are a bus driver and you are getting a new job as a car salesman than it will be an issue and you will probably be deinied.
Lenders want to see stability in your employment. they don't like to see job hoppers or people who can't hold a job.
If you have anymore questions please write me @ mdesdunes@sicloans.com
2006-12-05 10:05:35 · answer #7 · answered by Michel D 2 · 0⤊ 0⤋
You're fine....as long as they can verify your employment, and if you're on a full doc program, you can document last 2 years and at least your 1st paycheck. As long as there's not a long gap in between jobs, (and if full doc) your income didnt decrease, and you're in the same field or same position.
If you have good credit, you have a better chance. But you have bad credit, it just makes it look worst, but still doable, but not recommended!
2006-12-05 11:17:31 · answer #8 · answered by ALEGNA 3 · 0⤊ 0⤋
You can but please remeber many lender will call your employer for a "Verification of Employment" (VOE). This is one of the last things they do before they fund your loan...
They look for how long your tenure have been in your company. The longer the better
... mortgage adviser
2006-12-05 09:55:45 · answer #9 · answered by rmijares 2 · 0⤊ 0⤋
No please don't do it.
You must show 2 years at the same employer or line of work at best, if your trying to go Full DOC.
2006-12-05 09:52:47 · answer #10 · answered by Jen G 3 · 0⤊ 0⤋