There 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
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