Saturday, November 20, 2010

Does changing jobs affect your mortgage chance?

I am looking to purchase my first home and i have been working at the same company for 3 years. I was told that was a good thing but how much would it hurt my chances to get a loan if i were to change jobs before i was approved for a loan?Does changing jobs affect your mortgage chance?
depends on the job. Same line of work and better pay is ok. Different line of work is not ok and is case by case with every underwriter.Does changing jobs affect your mortgage chance?
If the job you would change to is in the same industry that you have been doing for 3 years, it will not affect you much, if at all. Especially, if you are going there for a pay raise.
Mortgage companies like 2 years in job to give you a mortgage. If you change to another job in same industry, you should be able to still get approved, especially if you get a raise. However, some lenders want you to have stable job, history of at least 2 years in job. The better your overall package, the more likely they would overlook you being in a new job: larger your down payment, lower your debt ratio, higher your credit rating, etc.



Get prequalified and find out.
It should not affect your mortgage chance if you are going to as good or better paying job . It would help if your former employer gives you a good recommendation .

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