When applying for a mortgage vs. obtaining a new job in the same field just at a higher rate of pay...?

Question

My husband and I are in the process of looking to buy our first home and save the 5% down payment (in Ontario, Canada) - I have recently been given the opportunity to obtain a new job - the very same career choice, doing the same similar duties, simply at a much larger rate of pay and closer to home. I have been at my current job for over a year now (after finishing Mat.Leave) and wanted to know if I should stick at my current job, apply for a mortgage pre-approval and THEN change locations or do it now and use the higher salary as a tool to better qualify us? Will the time spent at a job be a deciding factor? I do not want to lose the opportunity for a higher salary, however, do not want to sacrifice getting a pre-approval because I just started a new job.

Thoughts? Advice?
Thanks!

Answer 1

No Problem. Don't worry about changes in your field. Lenders are only interested in your job security. A move to a better job in your field is actually a good thing. The only caveat is that they tend to frown on a lot of down time in between jobs, so if you are planning on a break in between, try to keep it to a couple of weeks. Otherwise it looks like a period of unemployment...

Pre-approvals are only good as long as nothing significant changes. Even if you were approved today the lender would still double check your employment a day or so before closing.

Answer 2

You want to go for the new job with the higher rate of pay then get your mortgage. If you are staying within the same field, are moving up in salary that's a goooood thing, not a bad one!
Been there, done that. Best of luck to you on the new job and getting into your first home! It's going to be so much fun having your own place. I just love equity!

Answer 3

As a mortgage broker from Edmonton, Alberta. I can tell you what the canadian lenders will say. As long as you have passed your probation with your new job, at least 90 days then you should be fine. If you have "A" credit I work with one lender who will pre-approve you today, so you can lock in the best rates. Plus when you do move you only have to show a new job letter stating that you've passed probation. I'm not soliciting business, I don't work outside of Alberta. You can contact me at my website http://albertamortgageguy.com if you have any questions

Answer 4

If you are staying in the same field, you will probably not hurt yourself by changing jobs for the higher pay. The best bet would be to ask your real estate agent (or call a local one if you don't have one yet). Tell them which lender you are considering using or ask which one is best for your situation.

Answer 5

cleaners, theres a UN video on youtube, the place they interview somebody in Belgium who suggested a woman is termed a "cleansing woman" a guy is termed a "floor technition" so they could get diverse pay, additionally checkout operators, adult males get better than women persons, for no reason. EDIT: nicely, the UN vid confirmed it occurring in Belgium, Ive additionally heard of it taking place in Walmart, (whats up, i worked in a food market too :P ) yet what occurs alot is that womens artwork is undervalued, like, maximum admin team are women persons, and its seen "womens artwork", ie, not as sturdy as mens artwork, becasue its "person-friendly" yet i understand admin workers, and that they do a helluva lot of artwork for a pathetically low pay, and that i canthelp yet ask your self whether there replaced right into a guy in that comparable pastime, could he get extra pay? it could be an thrilling test to be sure, we could continuously attempt it sometime.