Home mortgage--switching jobs--same salary
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Anonymous
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Hello. we are looking to purchase a home for the spring season. we wanted to get pre-approval and put out offers already. But here's the deal: i am switching agencies (and being the federal government, the timelines are not known) but my salary is just going to be 2k to 5k higher than my current one.
Should I worry about this when we apply for mortgage? It's our first time... Is it possible to get problems with closings if i suddenly change jobs then and there? Am i obligated to inform the bank? |
Anonymous
| I went through this last year. It was not a big deal at all - I just provided a copy of the offer letter - showing my new salary - when I switched jobs. |
Anonymous
| As long as you are in the same industry it's not an issue. |
Anonymous
| If you're going from one government agency to another it shouldn't be a problem. Do make sure the bank knows you've changed jobs and who they need to call to confirm your employment with the new agency. You don't want to get to the end and have the whole process slowed down. Last time we got a mortgage, they called to confirm my employment immediately before the loan closed. You don't want them to call your old employer and find out you don't work there anymore. In the 2-3 months that it takes to close, a lot can happen, so the banks have learned to double check at the end of the process. |
Anonymous
| what if you change jobs after closing? do you still need to let the banks know you have changed jobs? |
Anonymous
After closing, no. Between contract and closing, yes. |
Anonymous
| Stay at current job until closing!!! You will get better rates |
Anonymous
FTF? If everything is approved and signed - rates cannot change. Just make sure your loan officer knows what is your current employer, so they can call to verify your employment when it's time (usually right before closing) |