If the job change raises a red flag for your loan officer, consider delaying your job change until you close on your new home loan. Most job changes should not affect a mortgage application if you haven’t applied for your mortgage yet.īut you should find out how your lender will view your career move before you apply for your new mortgage loan. You may still get approved based on your new job, but only after some delays. Plus, if you’re changing professions, you’d have a shakier employment history from the lender’s point of view. When you change jobs after applying for a loan, underwriters have to start their work all over again, basing your application off your new job. Changing jobs while applying for a mortgageĬhanging jobs after you’ve applied for a mortgage but before the loan closes could wreak havoc on your application. In fact, if you get a promotion, your loan application shouldn’t be affected at all.īut some job changes could complicate your application even if you haven’t applied for a loan yet. If necessary, you could change jobs in the months or weeks before you begin the loan application process. Changing jobs before applying for a mortgage There’s a big difference between changing jobs before buying a house and changing jobs while buying a house. If you start a new career before applying for a mortgage, lenders will have questions, and they will want more information from you.īe prepared to explain why you changed jobs, and list your qualifications for the new position. Increases in pay and responsibility over time.The health of your industry and company.If you’ve spent less than two years in your career, your employment history comes into play. If you’ve been at your job - or within the industry - for that long, no further questions should be needed. How lenders look at employment and incomeĪs long as your current job does not have a termination date, most lenders consider your employment permanent and ongoing.įor a standard mortgage application, underwriters need to see a two-year work history. And your new job should be an upward - or at least lateral - move within the same industry.Īs long as those criteria are met, changing jobs before you buy a house shouldn’t be a problem. You still need income that is reliable, stable, and likely to continue in the future. But changing jobs before applying for your home loan should cause less turmoil. Decem9 min read Can you change jobs while buying a house?Ĭhanging jobs while buying a house could derail your loan application.
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