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 silentneko
Joined: 02 Jan 2007
Posts: 33
14.45 Dollars($)
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 Posted: Mon Feb 05, 2007 7:40 pm Post subject: job swap will ruin my chances? |
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hey guys I've posted here a few times, let me give you a quick recap.
me and my girlfriend are looking at buying a house for about 200k with hopefully close to zero down, we both make about 40k a year, my fico score is 650 her's is 740. we have an appointment with a mortgage broker on wednesday and hopefully will here some good news.
now for the plot twist, my girlfriend has been called for an interview for another job that she wants, how will this hurt us, or will we be ok? |
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larry t.o.
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0.10 Dollars($)
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| Posted: Mon Feb 05, 2007 7:44 pm Post subject: |
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| That can hurt as lenders look for job stability, and change of job right now won't be that good. I would say let the loan finalize then your girlfriend can think of shifting to another job. |
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helping_user
Joined: 31 Mar 2006
Posts: 803
Location: Hawaii
149.53 Dollars($)
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| Posted: Mon Feb 05, 2007 9:54 pm Post subject: RE: job swap affects loan approval |
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Hi Silentneko,
Welcome back.
It's good that you have finally found out a broker for your deal and lets hope things will turn around well.
Stability in income is a factor which lenders often consider before approving a loan. A shift from one job to another is regarded as instability and can affect your chances of getting an approval. But this depends more upon the lender.
I think first of all you should discuss your financial situation with the broker and tell him all about your requirements. Then when he refers you to a lender, ask him as to whether he will consider the job swap as a negative factor as far as loan approval is considered.
In case you need any information on mortgage or you wish to share your experiences with the broker, feel free to share it with the community here.
Thanks. |
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silentneko
Joined: 02 Jan 2007
Posts: 33
14.45 Dollars($)
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| Posted: Tue Feb 06, 2007 4:54 am Post subject: |
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| I guess we will just have to wait for tomorrow to really find out. we decided to build a home but we aren't doing a construction loan, since its a huge community they just do end loans with a deposit. the thing is they have a preffered lender they work with, most of the builders do here, and if we use them then they will pay the closing costs for us. I'd rather use a different lender but then I'd have to come up with another 6k. I'll let you all know how it turns out. |
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helping_user
Joined: 31 Mar 2006
Posts: 803
Location: Hawaii
149.53 Dollars($)
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| Posted: Tue Feb 06, 2007 5:41 am Post subject: RE: |
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Sure Silentneko, have a talk with the lender, discuss with him what are the fees, rates and possible loan programs you can qualify for. You say that the community will pay the closing costs for you. Well that's really good! But you need to qualify with the lender they prefer.
Let's hope that things turn out well. Do keep me informed, I often visit this community forums. If you need any information, feel free to ask this community about it.
Thanks |
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george hart
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0.10 Dollars($)
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| Posted: Tue Feb 06, 2007 11:10 am Post subject: |
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| Quote: | | the thing is they have a preffered lender they work with, most of the builders do here, and if we use them then they will pay the closing costs for us. |
The closing cost is being paid by the builder if you select his preferred lender, that is good but inquire with other lenders about the rates they are offering. And the closing costs involved if you are approved with them. I have heard such concessions offered by builders are often balanced by way of somewhat increased interest rate by that preferred lender. I might be wrong but just to make you aware that such things do happen. |
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silentneko
Joined: 02 Jan 2007
Posts: 33
14.45 Dollars($)
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| Posted: Tue Feb 06, 2007 12:14 pm Post subject: |
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| well tomorrow I'll find out what kind of deals they can make us, and I am in the mind set to refuse any mortgage offer over 6.5%, anything under that I'll consider. |
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george hart
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0.10 Dollars($)
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| Posted: Tue Feb 06, 2007 12:31 pm Post subject: |
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Yes the current rates are hovering in a region below 6.4, best of luck  |
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silentneko
Joined: 02 Jan 2007
Posts: 33
14.45 Dollars($)
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| Posted: Wed Feb 07, 2007 7:44 pm Post subject: |
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ok well we spoke to the broker tonight and we have some interesting information, it seems that switching her job will not effect us unless she moves into a different field or starts her own business, the only thing is she said you have to be off probation which is usually 90 days so by the time the house is built she would be off anyway.
she said we look like excellent canidates for a mortgage and could buy a house up to 240k, but we want a house about 200k. they are going to email us a good faith estimate with a few options. I have a few more questions but will post them under a different topic since they deal more with the realtor, once I get the estimate I'll post it up here. |
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sara
Joined: 05 Jul 2006
Posts: 1206
Location: New Brunswick, New Jersey
223.95 Dollars($)
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| Posted: Wed Feb 07, 2007 9:16 pm Post subject: RE: preparing to get a loan |
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Hi Silentneko,
Nice to hear from you.
It's good if the broker thinks that you ae good candidates for a loan. perhaps he can provide you with good offers including better rates. That's yet to be seen though.
Now, when they send you the good faith estimate, take a look at every minute detail and then if you have any query, just feel at ease to clarify those.
Thanks,
Sara |
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