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Home / Videos / Mortgages / Changing Jobs While Getting a Mortgage

Changing Jobs While Getting a Mortgage

May 13, 2016 By Admin

Changing jobs while getting a mortgageThere are a lot of things to watch out for when getting a mortgage, including making a job change.

In this video, Mary gives you a good idea of what is possible when getting a job offer, as you go through the mortgage process. And, she gives suggestions about the type of job changes that aren’t feasible until your mortgage is complete.

Most importantly, discuss job changes with your lender to get a good idea of what is possible before you make any changes.

Video Transcript

I’m Mary Catchur. I’m the owner of Marimark Mortgage.

Today I want to talk to you about what happens if you’re in the middle of your loan process and you get a great job offer.

While we certainly don’t recommend that you change jobs in the middle of the loan process, it’s not impossible to still proceed with the loan.

There are a few things we want to look at upfront. First of all, we want to understand how you’re going to be paid in your new job. If you’re a W2 employee and you receive an annual salary or even hourly pay, then that can be very feasible. However, there are certain compensation situations that may not work. If you’re going to be commission-based, self-employed, or receive some type of variable-type pay, then that could be problematic.

We also want to look at the timing.

Many of the loan programs will require that you receive 30 days’ pay stubs. If that’s not going to work with the timing of closing your home, that can also be a problem. However, there are programs that only require one pay stub, so that may still be possible.

There are also situations where you have an employment contract. Some of the new guidelines do allow you get pre-qualified for income based on your employment contract as long as all contingencies have been met. So you want to make sure upfront that you understand what’s going to be required by the lender.

The biggest thing is, talk to your lender when such situations occur and let them know immediately and they can guide you through the process.

If you’d like further information on this topic, please visit our website, MarimarkMortgage.com, where you’ll find various ways to contact us.

Thank you.

Marimark Mortgage

Marimark Mortgage is a mortgage broker serving all of Florida, Virginia, and Pennsylvania. As you can tell from our testimonials, we focus on customer service and education, to provide our clients with the mortgage that best suits their needs.

As a mortgage originator, we specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve also worked extensively with a variety of refinancing options to help clients lower their payments on their home.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.

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Filed Under: Mortgages Tagged With: Mortgage Qualification

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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