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Would switching jobs cause a mortgage to be turned down?
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We have an accepted offer on our house. We are currently looking to buy a different house. We went through the pre approval process for a new mortgage and were approved to a certain dollar amount.
That being said I am also looking to take a new position at a different company. The new job has a higher rate of pay and we would not want to increase our pre approval amount. Would a job change cause an issue with getting a new mortgage?
united-states mortgage
asked Sep 4 at 23:43
Anthony
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up vote
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down vote
favorite
We have an accepted offer on our house. We are currently looking to buy a different house. We went through the pre approval process for a new mortgage and were approved to a certain dollar amount.
That being said I am also looking to take a new position at a different company. The new job has a higher rate of pay and we would not want to increase our pre approval amount. Would a job change cause an issue with getting a new mortgage?
united-states mortgage
asked Sep 4 at 23:43
Anthony
24325
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Anthony is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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4
Please add a country tag or write what country this pertains to.
– ender.qa
Sep 5 at 16:13
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up vote
28
down vote
favorite
up vote
28
down vote
favorite
We have an accepted offer on our house. We are currently looking to buy a different house. We went through the pre approval process for a new mortgage and were approved to a certain dollar amount.
That being said I am also looking to take a new position at a different company. The new job has a higher rate of pay and we would not want to increase our pre approval amount. Would a job change cause an issue with getting a new mortgage?
united-states mortgage
asked Sep 4 at 23:43
Anthony
24325
New contributor
Anthony is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
We have an accepted offer on our house. We are currently looking to buy a different house. We went through the pre approval process for a new mortgage and were approved to a certain dollar amount.
That being said I am also looking to take a new position at a different company. The new job has a higher rate of pay and we would not want to increase our pre approval amount. Would a job change cause an issue with getting a new mortgage?
united-states mortgage
asked Sep 4 at 23:43
Anthony
24325
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Anthony is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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edited Sep 5 at 21:25
asked Sep 4 at 23:43
Anthony
24325
New contributor
Anthony is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked Sep 4 at 23:43
Anthony
24325
asked Sep 4 at 23:43
Anthony
24325
24325
New contributor
Anthony is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Anthony is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Anthony is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
4
Please add a country tag or write what country this pertains to.
– ender.qa
Sep 5 at 16:13
add a comment |Â
4
Please add a country tag or write what country this pertains to.
– ender.qa
Sep 5 at 16:13
4
4
Please add a country tag or write what country this pertains to.
– ender.qa
Sep 5 at 16:13
Please add a country tag or write what country this pertains to.
– ender.qa
Sep 5 at 16:13
add a comment |Â
4 Answers
4
active
oldest
votes
up vote
40
down vote
accepted
Any employment change could cause an issue. Lenders like to see how long you've been at a job and want to see the most recent paystubs, and any approval would be conditional. Just before closing they may ask for yet another paystub. It would be best to talk to the lender before accepting the new job to make sure you continue to meet all their approval conditions.
That said, with proper documentation and higher income, it could work out just fine.
answered Sep 4 at 23:52
Rocky
16.7k44375
22
Related anecdote: I did the same thing when we bought our house, but I waited until just after closing to take the new job and never told the lender. I was surprised when the lender asked for one last paystub at closing and was fortunate that I had not taken the new job a month earlier! Learn from my mistakes!
– Rocky
Sep 4 at 23:53
7
An opposing anecdotal piece of evidence: I had recently switched jobs a couple months before, but because it was still in the same field it didn't cause any issues. This isn't to contradict the answer, though: it entirely could cause an issue, as it is up to the lenders.
– Nathan Merrill
Sep 5 at 14:47
2
If you take time off between jobs, you could be in a real jam if you are closing while you are technically unemployed. In general, the stress of buying a home, moving and starting a new job are not a great combination. But it's a tough spot if it's an opportunity that doesn't come up often.
– JimmyJames
Sep 5 at 18:07
1
My load advisor strongly suggested we do nothing between approval and closing. Not even open another line of credit at a gas station. He did specifically say not to change jobs if that was on the table. He didn't explain the process or how it would affect a pre-approval, but I have to assume there's a reason behind that. We took his advise and everything went through smoothly
– Kai Qing
Sep 5 at 20:01
add a comment |Â
up vote
14
down vote
When I bought my house, I found that most mortgage lenders in the UK required you to have been at your place of employment for 3 months (presumably so you're past your probation period).
This was a problem for me as I too had only been working at the company for 6 weeks. If I remember right, the lender I used in the end called up my employer to get a reference from them.
All of the lenders I looked into had these terms outlined in their terms and conditions on their website so it would be best to check for your own circumstances.
answered Sep 5 at 8:36
Sayse
2412
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Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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1
I (in the UK also) recently got turned down for a remortgage (with a different company to our current mortgage) because I would soon be moving jobs, and would therefore be on probation in the new job. Some might allow you to work around this with a reference, but the one I talked to just flat out refused to offer us a mortgage.
– Sean Burton
Sep 5 at 11:04
2
This raises the question of how one should move house + job at the same time? Should I simply rent for 6 months and move again?
– Tim
Sep 5 at 12:18
@Tim - Not always an option, i.e relocation. Renting might be ok but that's dead money imo, even if the companies that offer mortgages are offering slightly higher rates, its extremely unlikely to cost you more than the cost of 6 months of renting.
– Sayse
Sep 5 at 12:30
2
@Sayse If you're relocating far enough, renting can be good though--you may figure out that the area you thought would be ideal is not.
– user3067860
Sep 5 at 16:35
@user3067860 - Oh sure, I was trying to address two points at once in my last comment, the first was why should you move house and job at the same time (relocation). And the other is should you rent for 6 months
– Sayse
Sep 5 at 20:09
 |Â
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up vote
3
down vote
In general, mortgage lenders do frown upon borrowers getting a new job right before buying a house. There is a certain level of risk that taking on a new job entails.
Will you like the job? Will they like you? Are you secretly under-qualified for the position and just "faking it till you make it"? Is the company a stable source of employment? Will stresses of the new job seep into your life and cause you to make poor financial decisions? Are you getting a mortgage simply because you expect to make more money? Will you be on probation at the new job?
With all of this said I applied for a mortgage about 2 years ago and was working at my company for about 3.5 years and the lender seemed a bit apprehensive about this employment duration.
They ended up asking me how long have I been in my field of work (web development), to which I replied X years. This put the lender at ease because it showed them that I am stable in my field of work. In the end I was approved for the loan. About a year later I got a new job.
answered Sep 5 at 12:06
MonkeyZeus
679516
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up vote
1
down vote
Yes - changing jobs is a big impact on the approval process.
Any answer on stack exchange has little value. You should be in contact with the loan officer who gave you the pre-approval letter. He/she can tell you exactly what the impact is.
I changed jobs at the same time I bought a house. In my case, the lender knew I was changing jobs, she knew that it was the same type of work (also important), she also required a copy of the offer letter.
Your finance officer will work you through this, but start that conversation now.
answered Sep 5 at 18:04
Paul
1813
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4 Answers
4
active
oldest
votes
4 Answers
4
active
oldest
votes
active
oldest
votes
active
oldest
votes
up vote
40
down vote
accepted
Any employment change could cause an issue. Lenders like to see how long you've been at a job and want to see the most recent paystubs, and any approval would be conditional. Just before closing they may ask for yet another paystub. It would be best to talk to the lender before accepting the new job to make sure you continue to meet all their approval conditions.
That said, with proper documentation and higher income, it could work out just fine.
answered Sep 4 at 23:52
Rocky
16.7k44375
22
Related anecdote: I did the same thing when we bought our house, but I waited until just after closing to take the new job and never told the lender. I was surprised when the lender asked for one last paystub at closing and was fortunate that I had not taken the new job a month earlier! Learn from my mistakes!
– Rocky
Sep 4 at 23:53
7
An opposing anecdotal piece of evidence: I had recently switched jobs a couple months before, but because it was still in the same field it didn't cause any issues. This isn't to contradict the answer, though: it entirely could cause an issue, as it is up to the lenders.
– Nathan Merrill
Sep 5 at 14:47
2
If you take time off between jobs, you could be in a real jam if you are closing while you are technically unemployed. In general, the stress of buying a home, moving and starting a new job are not a great combination. But it's a tough spot if it's an opportunity that doesn't come up often.
– JimmyJames
Sep 5 at 18:07
1
My load advisor strongly suggested we do nothing between approval and closing. Not even open another line of credit at a gas station. He did specifically say not to change jobs if that was on the table. He didn't explain the process or how it would affect a pre-approval, but I have to assume there's a reason behind that. We took his advise and everything went through smoothly
– Kai Qing
Sep 5 at 20:01
add a comment |Â
up vote
40
down vote
accepted
Any employment change could cause an issue. Lenders like to see how long you've been at a job and want to see the most recent paystubs, and any approval would be conditional. Just before closing they may ask for yet another paystub. It would be best to talk to the lender before accepting the new job to make sure you continue to meet all their approval conditions.
That said, with proper documentation and higher income, it could work out just fine.
answered Sep 4 at 23:52
Rocky
16.7k44375
22
Related anecdote: I did the same thing when we bought our house, but I waited until just after closing to take the new job and never told the lender. I was surprised when the lender asked for one last paystub at closing and was fortunate that I had not taken the new job a month earlier! Learn from my mistakes!
– Rocky
Sep 4 at 23:53
7
An opposing anecdotal piece of evidence: I had recently switched jobs a couple months before, but because it was still in the same field it didn't cause any issues. This isn't to contradict the answer, though: it entirely could cause an issue, as it is up to the lenders.
– Nathan Merrill
Sep 5 at 14:47
2
If you take time off between jobs, you could be in a real jam if you are closing while you are technically unemployed. In general, the stress of buying a home, moving and starting a new job are not a great combination. But it's a tough spot if it's an opportunity that doesn't come up often.
– JimmyJames
Sep 5 at 18:07
1
My load advisor strongly suggested we do nothing between approval and closing. Not even open another line of credit at a gas station. He did specifically say not to change jobs if that was on the table. He didn't explain the process or how it would affect a pre-approval, but I have to assume there's a reason behind that. We took his advise and everything went through smoothly
– Kai Qing
Sep 5 at 20:01
add a comment |Â
up vote
40
down vote
accepted
up vote
40
down vote
accepted
Any employment change could cause an issue. Lenders like to see how long you've been at a job and want to see the most recent paystubs, and any approval would be conditional. Just before closing they may ask for yet another paystub. It would be best to talk to the lender before accepting the new job to make sure you continue to meet all their approval conditions.
That said, with proper documentation and higher income, it could work out just fine.
answered Sep 4 at 23:52
Rocky
16.7k44375
Any employment change could cause an issue. Lenders like to see how long you've been at a job and want to see the most recent paystubs, and any approval would be conditional. Just before closing they may ask for yet another paystub. It would be best to talk to the lender before accepting the new job to make sure you continue to meet all their approval conditions.
That said, with proper documentation and higher income, it could work out just fine.
answered Sep 4 at 23:52
Rocky
16.7k44375
answered Sep 4 at 23:52
Rocky
16.7k44375
answered Sep 4 at 23:52
Rocky
16.7k44375
answered Sep 4 at 23:52
Rocky
16.7k44375
16.7k44375
22
Related anecdote: I did the same thing when we bought our house, but I waited until just after closing to take the new job and never told the lender. I was surprised when the lender asked for one last paystub at closing and was fortunate that I had not taken the new job a month earlier! Learn from my mistakes!
– Rocky
Sep 4 at 23:53
7
An opposing anecdotal piece of evidence: I had recently switched jobs a couple months before, but because it was still in the same field it didn't cause any issues. This isn't to contradict the answer, though: it entirely could cause an issue, as it is up to the lenders.
– Nathan Merrill
Sep 5 at 14:47
2
If you take time off between jobs, you could be in a real jam if you are closing while you are technically unemployed. In general, the stress of buying a home, moving and starting a new job are not a great combination. But it's a tough spot if it's an opportunity that doesn't come up often.
– JimmyJames
Sep 5 at 18:07
1
My load advisor strongly suggested we do nothing between approval and closing. Not even open another line of credit at a gas station. He did specifically say not to change jobs if that was on the table. He didn't explain the process or how it would affect a pre-approval, but I have to assume there's a reason behind that. We took his advise and everything went through smoothly
– Kai Qing
Sep 5 at 20:01
add a comment |Â
22
Related anecdote: I did the same thing when we bought our house, but I waited until just after closing to take the new job and never told the lender. I was surprised when the lender asked for one last paystub at closing and was fortunate that I had not taken the new job a month earlier! Learn from my mistakes!
– Rocky
Sep 4 at 23:53
7
An opposing anecdotal piece of evidence: I had recently switched jobs a couple months before, but because it was still in the same field it didn't cause any issues. This isn't to contradict the answer, though: it entirely could cause an issue, as it is up to the lenders.
– Nathan Merrill
Sep 5 at 14:47
2
If you take time off between jobs, you could be in a real jam if you are closing while you are technically unemployed. In general, the stress of buying a home, moving and starting a new job are not a great combination. But it's a tough spot if it's an opportunity that doesn't come up often.
– JimmyJames
Sep 5 at 18:07
1
My load advisor strongly suggested we do nothing between approval and closing. Not even open another line of credit at a gas station. He did specifically say not to change jobs if that was on the table. He didn't explain the process or how it would affect a pre-approval, but I have to assume there's a reason behind that. We took his advise and everything went through smoothly
– Kai Qing
Sep 5 at 20:01
22
22
Related anecdote: I did the same thing when we bought our house, but I waited until just after closing to take the new job and never told the lender. I was surprised when the lender asked for one last paystub at closing and was fortunate that I had not taken the new job a month earlier! Learn from my mistakes!
– Rocky
Sep 4 at 23:53
Related anecdote: I did the same thing when we bought our house, but I waited until just after closing to take the new job and never told the lender. I was surprised when the lender asked for one last paystub at closing and was fortunate that I had not taken the new job a month earlier! Learn from my mistakes!
– Rocky
Sep 4 at 23:53
7
7
An opposing anecdotal piece of evidence: I had recently switched jobs a couple months before, but because it was still in the same field it didn't cause any issues. This isn't to contradict the answer, though: it entirely could cause an issue, as it is up to the lenders.
– Nathan Merrill
Sep 5 at 14:47
An opposing anecdotal piece of evidence: I had recently switched jobs a couple months before, but because it was still in the same field it didn't cause any issues. This isn't to contradict the answer, though: it entirely could cause an issue, as it is up to the lenders.
– Nathan Merrill
Sep 5 at 14:47
2
2
If you take time off between jobs, you could be in a real jam if you are closing while you are technically unemployed. In general, the stress of buying a home, moving and starting a new job are not a great combination. But it's a tough spot if it's an opportunity that doesn't come up often.
– JimmyJames
Sep 5 at 18:07
If you take time off between jobs, you could be in a real jam if you are closing while you are technically unemployed. In general, the stress of buying a home, moving and starting a new job are not a great combination. But it's a tough spot if it's an opportunity that doesn't come up often.
– JimmyJames
Sep 5 at 18:07
1
1
My load advisor strongly suggested we do nothing between approval and closing. Not even open another line of credit at a gas station. He did specifically say not to change jobs if that was on the table. He didn't explain the process or how it would affect a pre-approval, but I have to assume there's a reason behind that. We took his advise and everything went through smoothly
– Kai Qing
Sep 5 at 20:01
My load advisor strongly suggested we do nothing between approval and closing. Not even open another line of credit at a gas station. He did specifically say not to change jobs if that was on the table. He didn't explain the process or how it would affect a pre-approval, but I have to assume there's a reason behind that. We took his advise and everything went through smoothly
– Kai Qing
Sep 5 at 20:01
add a comment |Â
up vote
14
down vote
When I bought my house, I found that most mortgage lenders in the UK required you to have been at your place of employment for 3 months (presumably so you're past your probation period).
This was a problem for me as I too had only been working at the company for 6 weeks. If I remember right, the lender I used in the end called up my employer to get a reference from them.
All of the lenders I looked into had these terms outlined in their terms and conditions on their website so it would be best to check for your own circumstances.
answered Sep 5 at 8:36
Sayse
2412
New contributor
Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
I (in the UK also) recently got turned down for a remortgage (with a different company to our current mortgage) because I would soon be moving jobs, and would therefore be on probation in the new job. Some might allow you to work around this with a reference, but the one I talked to just flat out refused to offer us a mortgage.
– Sean Burton
Sep 5 at 11:04
2
This raises the question of how one should move house + job at the same time? Should I simply rent for 6 months and move again?
– Tim
Sep 5 at 12:18
@Tim - Not always an option, i.e relocation. Renting might be ok but that's dead money imo, even if the companies that offer mortgages are offering slightly higher rates, its extremely unlikely to cost you more than the cost of 6 months of renting.
– Sayse
Sep 5 at 12:30
2
@Sayse If you're relocating far enough, renting can be good though--you may figure out that the area you thought would be ideal is not.
– user3067860
Sep 5 at 16:35
@user3067860 - Oh sure, I was trying to address two points at once in my last comment, the first was why should you move house and job at the same time (relocation). And the other is should you rent for 6 months
– Sayse
Sep 5 at 20:09
 |Â
show 1 more comment
up vote
14
down vote
When I bought my house, I found that most mortgage lenders in the UK required you to have been at your place of employment for 3 months (presumably so you're past your probation period).
This was a problem for me as I too had only been working at the company for 6 weeks. If I remember right, the lender I used in the end called up my employer to get a reference from them.
All of the lenders I looked into had these terms outlined in their terms and conditions on their website so it would be best to check for your own circumstances.
answered Sep 5 at 8:36
Sayse
2412
New contributor
Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
I (in the UK also) recently got turned down for a remortgage (with a different company to our current mortgage) because I would soon be moving jobs, and would therefore be on probation in the new job. Some might allow you to work around this with a reference, but the one I talked to just flat out refused to offer us a mortgage.
– Sean Burton
Sep 5 at 11:04
2
This raises the question of how one should move house + job at the same time? Should I simply rent for 6 months and move again?
– Tim
Sep 5 at 12:18
@Tim - Not always an option, i.e relocation. Renting might be ok but that's dead money imo, even if the companies that offer mortgages are offering slightly higher rates, its extremely unlikely to cost you more than the cost of 6 months of renting.
– Sayse
Sep 5 at 12:30
2
@Sayse If you're relocating far enough, renting can be good though--you may figure out that the area you thought would be ideal is not.
– user3067860
Sep 5 at 16:35
@user3067860 - Oh sure, I was trying to address two points at once in my last comment, the first was why should you move house and job at the same time (relocation). And the other is should you rent for 6 months
– Sayse
Sep 5 at 20:09
 |Â
show 1 more comment
up vote
14
down vote
up vote
14
down vote
When I bought my house, I found that most mortgage lenders in the UK required you to have been at your place of employment for 3 months (presumably so you're past your probation period).
This was a problem for me as I too had only been working at the company for 6 weeks. If I remember right, the lender I used in the end called up my employer to get a reference from them.
All of the lenders I looked into had these terms outlined in their terms and conditions on their website so it would be best to check for your own circumstances.
answered Sep 5 at 8:36
Sayse
2412
New contributor
Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
When I bought my house, I found that most mortgage lenders in the UK required you to have been at your place of employment for 3 months (presumably so you're past your probation period).
This was a problem for me as I too had only been working at the company for 6 weeks. If I remember right, the lender I used in the end called up my employer to get a reference from them.
All of the lenders I looked into had these terms outlined in their terms and conditions on their website so it would be best to check for your own circumstances.
answered Sep 5 at 8:36
Sayse
2412
New contributor
Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
answered Sep 5 at 8:36
Sayse
2412
New contributor
Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
answered Sep 5 at 8:36
Sayse
2412
answered Sep 5 at 8:36
Sayse
2412
2412
New contributor
Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Sayse is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
I (in the UK also) recently got turned down for a remortgage (with a different company to our current mortgage) because I would soon be moving jobs, and would therefore be on probation in the new job. Some might allow you to work around this with a reference, but the one I talked to just flat out refused to offer us a mortgage.
– Sean Burton
Sep 5 at 11:04
2
This raises the question of how one should move house + job at the same time? Should I simply rent for 6 months and move again?
– Tim
Sep 5 at 12:18
@Tim - Not always an option, i.e relocation. Renting might be ok but that's dead money imo, even if the companies that offer mortgages are offering slightly higher rates, its extremely unlikely to cost you more than the cost of 6 months of renting.
– Sayse
Sep 5 at 12:30
2
@Sayse If you're relocating far enough, renting can be good though--you may figure out that the area you thought would be ideal is not.
– user3067860
Sep 5 at 16:35
@user3067860 - Oh sure, I was trying to address two points at once in my last comment, the first was why should you move house and job at the same time (relocation). And the other is should you rent for 6 months
– Sayse
Sep 5 at 20:09
 |Â
show 1 more comment
1
I (in the UK also) recently got turned down for a remortgage (with a different company to our current mortgage) because I would soon be moving jobs, and would therefore be on probation in the new job. Some might allow you to work around this with a reference, but the one I talked to just flat out refused to offer us a mortgage.
– Sean Burton
Sep 5 at 11:04
2
This raises the question of how one should move house + job at the same time? Should I simply rent for 6 months and move again?
– Tim
Sep 5 at 12:18
@Tim - Not always an option, i.e relocation. Renting might be ok but that's dead money imo, even if the companies that offer mortgages are offering slightly higher rates, its extremely unlikely to cost you more than the cost of 6 months of renting.
– Sayse
Sep 5 at 12:30
2
@Sayse If you're relocating far enough, renting can be good though--you may figure out that the area you thought would be ideal is not.
– user3067860
Sep 5 at 16:35
@user3067860 - Oh sure, I was trying to address two points at once in my last comment, the first was why should you move house and job at the same time (relocation). And the other is should you rent for 6 months
– Sayse
Sep 5 at 20:09
1
1
I (in the UK also) recently got turned down for a remortgage (with a different company to our current mortgage) because I would soon be moving jobs, and would therefore be on probation in the new job. Some might allow you to work around this with a reference, but the one I talked to just flat out refused to offer us a mortgage.
– Sean Burton
Sep 5 at 11:04
I (in the UK also) recently got turned down for a remortgage (with a different company to our current mortgage) because I would soon be moving jobs, and would therefore be on probation in the new job. Some might allow you to work around this with a reference, but the one I talked to just flat out refused to offer us a mortgage.
– Sean Burton
Sep 5 at 11:04
2
2
This raises the question of how one should move house + job at the same time? Should I simply rent for 6 months and move again?
– Tim
Sep 5 at 12:18
This raises the question of how one should move house + job at the same time? Should I simply rent for 6 months and move again?
– Tim
Sep 5 at 12:18
@Tim - Not always an option, i.e relocation. Renting might be ok but that's dead money imo, even if the companies that offer mortgages are offering slightly higher rates, its extremely unlikely to cost you more than the cost of 6 months of renting.
– Sayse
Sep 5 at 12:30
@Tim - Not always an option, i.e relocation. Renting might be ok but that's dead money imo, even if the companies that offer mortgages are offering slightly higher rates, its extremely unlikely to cost you more than the cost of 6 months of renting.
– Sayse
Sep 5 at 12:30
2
2
@Sayse If you're relocating far enough, renting can be good though--you may figure out that the area you thought would be ideal is not.
– user3067860
Sep 5 at 16:35
@Sayse If you're relocating far enough, renting can be good though--you may figure out that the area you thought would be ideal is not.
– user3067860
Sep 5 at 16:35
@user3067860 - Oh sure, I was trying to address two points at once in my last comment, the first was why should you move house and job at the same time (relocation). And the other is should you rent for 6 months
– Sayse
Sep 5 at 20:09
@user3067860 - Oh sure, I was trying to address two points at once in my last comment, the first was why should you move house and job at the same time (relocation). And the other is should you rent for 6 months
– Sayse
Sep 5 at 20:09
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up vote
3
down vote
In general, mortgage lenders do frown upon borrowers getting a new job right before buying a house. There is a certain level of risk that taking on a new job entails.
Will you like the job? Will they like you? Are you secretly under-qualified for the position and just "faking it till you make it"? Is the company a stable source of employment? Will stresses of the new job seep into your life and cause you to make poor financial decisions? Are you getting a mortgage simply because you expect to make more money? Will you be on probation at the new job?
With all of this said I applied for a mortgage about 2 years ago and was working at my company for about 3.5 years and the lender seemed a bit apprehensive about this employment duration.
They ended up asking me how long have I been in my field of work (web development), to which I replied X years. This put the lender at ease because it showed them that I am stable in my field of work. In the end I was approved for the loan. About a year later I got a new job.
answered Sep 5 at 12:06
MonkeyZeus
679516
add a comment |Â
up vote
3
down vote
In general, mortgage lenders do frown upon borrowers getting a new job right before buying a house. There is a certain level of risk that taking on a new job entails.
Will you like the job? Will they like you? Are you secretly under-qualified for the position and just "faking it till you make it"? Is the company a stable source of employment? Will stresses of the new job seep into your life and cause you to make poor financial decisions? Are you getting a mortgage simply because you expect to make more money? Will you be on probation at the new job?
With all of this said I applied for a mortgage about 2 years ago and was working at my company for about 3.5 years and the lender seemed a bit apprehensive about this employment duration.
They ended up asking me how long have I been in my field of work (web development), to which I replied X years. This put the lender at ease because it showed them that I am stable in my field of work. In the end I was approved for the loan. About a year later I got a new job.
answered Sep 5 at 12:06
MonkeyZeus
679516
add a comment |Â
up vote
3
down vote
up vote
3
down vote
In general, mortgage lenders do frown upon borrowers getting a new job right before buying a house. There is a certain level of risk that taking on a new job entails.
Will you like the job? Will they like you? Are you secretly under-qualified for the position and just "faking it till you make it"? Is the company a stable source of employment? Will stresses of the new job seep into your life and cause you to make poor financial decisions? Are you getting a mortgage simply because you expect to make more money? Will you be on probation at the new job?
With all of this said I applied for a mortgage about 2 years ago and was working at my company for about 3.5 years and the lender seemed a bit apprehensive about this employment duration.
They ended up asking me how long have I been in my field of work (web development), to which I replied X years. This put the lender at ease because it showed them that I am stable in my field of work. In the end I was approved for the loan. About a year later I got a new job.
answered Sep 5 at 12:06
MonkeyZeus
679516
In general, mortgage lenders do frown upon borrowers getting a new job right before buying a house. There is a certain level of risk that taking on a new job entails.
Will you like the job? Will they like you? Are you secretly under-qualified for the position and just "faking it till you make it"? Is the company a stable source of employment? Will stresses of the new job seep into your life and cause you to make poor financial decisions? Are you getting a mortgage simply because you expect to make more money? Will you be on probation at the new job?
With all of this said I applied for a mortgage about 2 years ago and was working at my company for about 3.5 years and the lender seemed a bit apprehensive about this employment duration.
They ended up asking me how long have I been in my field of work (web development), to which I replied X years. This put the lender at ease because it showed them that I am stable in my field of work. In the end I was approved for the loan. About a year later I got a new job.
answered Sep 5 at 12:06
MonkeyZeus
679516
edited Sep 5 at 12:12
answered Sep 5 at 12:06
MonkeyZeus
679516
answered Sep 5 at 12:06
MonkeyZeus
679516
answered Sep 5 at 12:06
MonkeyZeus
679516
679516
add a comment |Â
add a comment |Â
up vote
1
down vote
Yes - changing jobs is a big impact on the approval process.
Any answer on stack exchange has little value. You should be in contact with the loan officer who gave you the pre-approval letter. He/she can tell you exactly what the impact is.
I changed jobs at the same time I bought a house. In my case, the lender knew I was changing jobs, she knew that it was the same type of work (also important), she also required a copy of the offer letter.
Your finance officer will work you through this, but start that conversation now.
answered Sep 5 at 18:04
Paul
1813
add a comment |Â
up vote
1
down vote
Yes - changing jobs is a big impact on the approval process.
Any answer on stack exchange has little value. You should be in contact with the loan officer who gave you the pre-approval letter. He/she can tell you exactly what the impact is.
I changed jobs at the same time I bought a house. In my case, the lender knew I was changing jobs, she knew that it was the same type of work (also important), she also required a copy of the offer letter.
Your finance officer will work you through this, but start that conversation now.
answered Sep 5 at 18:04
Paul
1813
add a comment |Â
up vote
1
down vote
up vote
1
down vote
Yes - changing jobs is a big impact on the approval process.
Any answer on stack exchange has little value. You should be in contact with the loan officer who gave you the pre-approval letter. He/she can tell you exactly what the impact is.
I changed jobs at the same time I bought a house. In my case, the lender knew I was changing jobs, she knew that it was the same type of work (also important), she also required a copy of the offer letter.
Your finance officer will work you through this, but start that conversation now.
answered Sep 5 at 18:04
Paul
1813
Yes - changing jobs is a big impact on the approval process.
Any answer on stack exchange has little value. You should be in contact with the loan officer who gave you the pre-approval letter. He/she can tell you exactly what the impact is.
I changed jobs at the same time I bought a house. In my case, the lender knew I was changing jobs, she knew that it was the same type of work (also important), she also required a copy of the offer letter.
Your finance officer will work you through this, but start that conversation now.
answered Sep 5 at 18:04
Paul
1813
answered Sep 5 at 18:04
Paul
1813
answered Sep 5 at 18:04
Paul
1813
answered Sep 5 at 18:04
Paul
1813
1813
add a comment |Â
add a comment |Â
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4
Please add a country tag or write what country this pertains to.
– ender.qa
Sep 5 at 16:13