I wanted to know if anyone has changed jobs while in the mortgage process and how it affects if?
I was just offered a jobs closer to home (no more LIRR) for more money with a very reputable company! I was shocked by how quickly the offer came so I havent yet decided whether to accept or not, but either way, I am afraid how this move could affect the mortgage process considering I would be starting just 2 weeks before our scheduled closing.
Thanks everyone
kim
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Re: Changing jobs/Mortgage??
It definitely could cause potential problems. I would definitely ask your loan officer.
Is there any way you could wait to change jobs until after the closing?
Anne01
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Re: Changing jobs/Mortgage??
Things the bank looks for: Is the new job a similar position/industry/salary? Also: Historical length of employment.
good luck!
november12003
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Re: Changing jobs/Mortgage??
I changed jobs after we went into contract on our co-op but before we closed. They just wanted to see my pay-stub...it wasn't a big deal for me.
Kelly9904
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Re: Changing jobs/Mortgage??
I am thinking that it wont be an issue, I havent decided what to do but my FH says dont worry, its not a big deal! I just like to hear it from those with experience!
Karen H
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Re: Changing jobs/Mortgage??
It wasn't a big deal for us. I accepted a job in November and we had our offer on a house accepted the same month. Our mortgage broker knew we were moving from out of state, so of course we'd be changing jobs - both of us! They want the deal to go through as much as you do. If the company and pay are good, and you have a strong credit history it shouldn't be a problem.
Kelly9904
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Re: Changing jobs/Mortgage??
Thanks Karen!
The pay is better than I make now and the added bonus of no more LIRR (which will be 252 a month when I move) and the company is very reputable and well known! (great benefits too!) And we have excellent credit as well as more than 20% down and my FH has a good salary and has been at his job for 4 years! I also have a stable work history b/c I have been a my current position for 3 years with steady promotions and pay increases!
Sheesh as if my life wasnt hectic enough, wedding, house and now job! I think I may be nuts!!
Thanks again everyone for sharing your experiences!!!
kim
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Re: Changing jobs/Mortgage??
Kelly - you have FM!
dgtlsunshine
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Re: Changing jobs/Mortgage??
Let your loan officer know. I doubt you will have a problem b/c the job is more money. I haver heard it can be problems if you switch jobs and your salary goes down b/c of it.
philby
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Re: Changing jobs/Mortgage??
My BM is a loan officer of residential mortages as Suffolk County National and as long as you are in the same field your job history will speak for itself. No problems.
Kelly9904
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Re: Changing jobs/Mortgage??
Thanks everyone for your advice!
i have decided to take the job! I put in my notice today so we will see! Hopefully it doesnt delay the process but if it does, what can you do???
Thanks again!!!
Jenn524
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Re: Changing jobs/Mortgage??
It shouldn't be an issue. Good luck with the new job!!
pschica
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Re: Changing jobs/Mortgage??
good luck with your new job and it shouldn't be a problem - as long as you have good credit and all - i think that counts more than one job change - they look, as was already mentioned, more at job history and avrg time there!
