I've been with my current company for 3.5 years and will be joining a new company next month. Prior to that, I was with a different company for over 2 years.
I'm also in the midst of buying a new home as a first time home buyer.
How will this effect my loan application, if any? My pay will be increased with the new job.
2007-03-21 08:06:01 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Would showing them a copy of my offer letter be appropriate? My new job is in the same line of business, but a more senior position with a different company. I've been in the same line of work for about 5 1/2 years straight out of college, just with 2, now going 3 companies. Thx for all the great responses so far...
2007-03-21 11:15:05 · update #1
As long as your new job is in the same line of work- there should not be a problem. You might be required to show an employment contract and most likely a pay stub on the new job- but generally not an issue.
2007-03-21 08:12:18 · answer #1 · answered by flamingojohn 4 · 0⤊ 0⤋
Your employment length will be considered so I would get pre approved for the mortgage now. Note that you can be declined after pre approval once you go to make the purchase so make sure you have discussed your situation with your mortgage broker thoroughly. If this is your first home, don't try and max out on house. Buy a smaller, cheaper home so you don't end up with an empty house that you can barely afford.
Your other option is called manual underwriting. You will need to actually talk to a mortgage lender (like at your local bank) and they can provide an approval by looking at a number of factors. This is not something you can do through a mortgage broker - you have to actually work with an individual lender and ask to speak with someone about manual underwriting.
2007-03-21 08:20:27 · answer #2 · answered by Jennifer W 1 · 0⤊ 0⤋
In most cases, as long as your new job has a guaranteed income (wage or salary), and isn't based on commission sales, you should be fine.
Some lenders get picky and want your new job to be at least reasonably related to work you've done previously. Doesn't have to be exact, but at least in a similar line. It helps them believe that you're more likely to survive the change and continue with the new job, if it's something they can see that you should have been qualified for.
Just talk with your lender. The more they know, and the sooner they know it, they can make sure it's ok and clear any hurdles they might need, like getting your new employment contract or verifying with your new employer what your new income will be, start date, etc...
You really should be just fine. Just don't wait to tell your loan officer, be upfront and get it done. They're in the business of making loans, they want to close your loan, so help them help you.
2007-03-21 08:12:59 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
It will be less paperwork for you and easier for the underwriter if you get the loan approved based on your current job .
If your new job is in the same industry, and you have been doing the same type of work for 10 years or more, then you should have little problem. Your app will just have to go through reveiw, which might hold things up a few days.
2007-03-21 08:11:20 · answer #4 · answered by pknutson_sws 5 · 0⤊ 0⤋
Might go against you as they like to see a steady job history and not jumping ship every couple of years. Talk to your mortgage broker. Good luck.
2007-03-21 08:10:15 · answer #5 · answered by Akbar B 6 · 0⤊ 0⤋
Shouldnt be a problem as long as your in the same line of work. If you need a mortgage in NC, SC, VA, GA, or Fl let me know. I can do your mortgage if your in those states.
2007-03-21 08:24:30 · answer #6 · answered by fivemo 1 · 0⤊ 0⤋
if you can get proof of how much you will be making a year you should be fine.
2007-03-21 08:08:38 · answer #7 · answered by cmruffin1 2 · 0⤊ 0⤋