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Changing Job Before Loan

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snkblls Joined: 09 Jul 2010 Posts: 3 1.98 Dollars($)	Posted: Mon Jun 13, 2011 9:52 pm    Post subject: Changing Job Before Loan Like 0 Dislike 0 I just have a general question about switching jobs while in escrow or before applying for a loan. For a while now, I've been thinking about looking for a new job outside of my current employer. I've heard this could effect the ability to get a loan, especially while in Escrow or before applying for a loan? What is the policy? How long do I need to work for the same employer in order to qualify for a loan? Thanks.
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Mon Jun 13, 2011 11:04 pm    Post subject: Like 0 Dislike 0 Welcome snkblls, It is better to not change your job just before the closing of your mortgage. It may jeopardize your chances of qualifying and getting a mortgage. It will be a better option if you could change your job after you get your mortgage. _________________ Procrastination is the enemy of your financial success
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Tue Jun 14, 2011 8:17 am    Post subject: Like 0 Dislike 0 If you were to change jobs in the same line of work, for a benefit, such as commute is shorter, or increase in pay, an Underwriter would see that as a job advancement. But if you change line of work, then you would no longer have a 2 year work history in the same field, and an UW would not fund your loan. Rule of thumb when applying for a loan is: dont have your credit run many times, dont buy anything with credit or open new credit accounts, dont change your job, dont quit your job, and dont make large deposits into bank accounts that cannot be sourced or prove where the $ came from. Good luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Tue Jun 21, 2011 1:36 am    Post subject: hi snkblls ! Like 0 Dislike 0 Your job will definitely affect your qualification to allow you to get a loan since it will determine if you are really able to pay it afterwards. Try to inquire about the policies on the firm that you want to get a loan to make sure you are doing the right decision. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jun 21, 2011 7:13 pm    Post subject: Like 0 Dislike 0 Indeed, it all comes down to what type of job you're about to take. As Chris noted, a similar job or an upward move is only going to be an enhancement. On the other hand, going from Assistant Executive Bureaucratic Overseer of Regulatory Edification to Head Waitress at Mel's Diner, where you work for tips, isn't going to impress the underwriting staff. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
it_guy08 Joined: 22 Jun 2011 Posts: 7 2.05 Dollars($)	Posted: Fri Jun 24, 2011 9:21 am    Post subject: Depends Like 0 Dislike 0 Moving up or over is fine but moving down or to self-employed will kill your chances unless you have been doing the job for atleast 90 days before applying. Just had this conversations with my Lender as well.

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