Getting a mortgage with a new job...

so...I've been working at my current job for 8 years..and want to change. Should I wait to get approved for a mortgage first or will the job change not affect me getting approved.
We have excellent credit.

you thoughts/advice?

Re: Getting a mortgage with a new job...

I waited until after we closed then gave notice to my job!! we were already approved jsut waiting for closing but I didnt want to have a problem in case they decided to run a new credit check or employment check.

Re: Getting a mortgage with a new job...

well from my experience, we needed either 2 or 3 months of our pay stubs. Mortgage companies like to see stability. I would wait to get a new job after you close on a house. IMO!

Re: Getting a mortgage with a new job...

Generally as long as you are in the same field, it should not make a difference (this is what our mortgage broker told us) but if you plan to change fields I would wait until after you secure your mortgage.

Re: Getting a mortgage with a new job...

Re: Getting a mortgage with a new job...

Thanks everyone!
I want to get the heck outta here..but will wait.

Re: Getting a mortgage with a new job...

I would wait until AFTER you close to change jobs. The bank will need to get an employment verification for you as well as previous years W2s to prove income.

Re: Getting a mortgage with a new job...

It would be best to wait. The bank is liable to do an employment check right before closing, and you don't want them to hear "She doesn't work here anymore."

Message edited 10/30/2009 10:07:09 AM.

Re: Getting a mortgage with a new job...

i'd wait until you're approved.

Re: Getting a mortgage with a new job...

This happened to me. We put an offer in July, they accepted towards the end of July and we were pre-approved in July. I left my job at the end of August, secured the mortgage in September and closed in October.

The bank had no problem that I was changing jobs because I was staying in the same field. I had been at my last job for 6.5 years. Also, my husband had been at his job for almost 4 years (at the time we applied for the mortgage).

I have to tell you that the bank (and the mortgage broker) didn't even blink an eye when I said I was switching jobs. In fact the mortgage broker told me it wasn't a big deal (b/c I was staying in the same field).

Good Luck!!

Re: Getting a mortgage with a new job...

I think that is old fashion advice

as a cronic job changer- always upward moves and my DH is a mortgage banker- he would have said something to me by now

I recently remember reading as long as you are in the same feild for 2 year that is fine

as long as they have an employer to call- and they say you work there- what's the difference?

if your pay stubs showed you never stopped working- I don't see the harm-

I wouldn't hold back my career for a mortgage- but if you want I can double check with my DH later tonight and FM you

Re: Getting a mortgage with a new job...

Re: Getting a mortgage with a new job...

I will ask him tonight and FM you later- after 9pm most likely- he doesn't get home till then!

Re: Getting a mortgage with a new job...

I actually JUST went through this. We were in contract, and the program I worked for closed down. The agency I was working for "promised" me a new position, but I was basically hanging out for a month or two with no written offer with no work to do. I was REALLY worried about losing my job right before we went to close, so I interviewed like crazy for jobs in my same field that would either be a promotion, or pay the same I was making. (Initially when we applied for the mortgage I had remembered them saying they looked at job stability and length of time in one field).

I got a better offer, making a slightly higher salary, explained the situation to the mortgage company (leaving out the fact that I was afraid I was going to lose my job, but selling this as "a once in a lifetime position), and there was no issue at all.

They just wanted verification of employment and that was that.

They called both my former and current employer to ensure I was actually employed there.

We just closed a week ago with no problems whatsoever.

My attorney/REA initially told me I should "wait" but also advised to speak to the mortgage company to see what they said before I made the change, which is exactly what I did.

Re: Getting a mortgage with a new job...

I wouldn't change jobs right now. Wait until you close on a house. Credit and income checks are part of the mortgage process. Preapprovals are only good for I think 90 days and then you have to provide new pay stubs and the bank runs a new credit check. I wouldn't want any potential pitfalls if I were you.

Re: Getting a mortgage with a new job...

Different line of work is a big no no right before closeing....

Same line of work like above posters said should be ok.

I would close first, then go for the job.

The approval is nothing specific they need from you. The actual mortage is where they will look at your work and verify, etc..

Re: Getting a mortgage with a new job...

From my DH- 7 years in the business-

It's ok as long as there is no gap of employment and you can verify your previous employment for the last 2 yrs