What happens when you change jobs once you get a mortgage?

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We are close to our home loans at the end of this month, is the work of my husband was sent to another state to work, and another company offered him a job in the area where we are. So my only concern is whether there are consequences if your work were so shortly after the closing of a loan.

7 Comments
  1. Reply
    Common Sense
    April 30, 2011 at 12:51 am

    Nothing happens. You pay the mortgage and everyone lives happily ever after.

  2. Reply
    David Z
    April 30, 2011 at 1:37 am

    well if you are moving you want to cancel the closing. you are about ready to pay 3-4% in loan and closing costs so that can be avoided. plus it will cost you 10% to sell your home. this would be a huge hit financially to move out of state of you close on this home.

    other than that no consequence to changing employer. your lender does not care not do they require you to stay with same employer.

  3. Reply
    beaches li
    April 30, 2011 at 1:38 am

    Nothing your already approved and as long as the new job pays the same or more and you can make the mortgage payments I see no problems.

  4. Reply
    Paul in San Diego
    April 30, 2011 at 1:56 am

    As long as you can still make your payments and don’t have to relocate, the mortgage company does not need to know anything about that and nothing is any different. What if the whole job thing falls through and he ends up staying at his current job (not likely, but possible)? Don’t worry about it. There will be no consequences.

  5. Reply
    tro
    April 30, 2011 at 2:41 am

    if you take the job in the other state, do you have any idea that you will ever return to this one?
    mortgage rates are better for owner occupied houses, and if you take the job in the other state, you will have to rent it out which is not what your lender had in mind
    and you may not be able to charge enough to pay the mortgage so you will constantly have negative cash flow
    if it is all possible without losing too much money you might consider canceling the purchase, loan etc. but that is something you would have to really think about
    if you are approved, the job change would have no bearing other than which job you choose

  6. Reply
    Nash P
    April 30, 2011 at 2:58 am

    Be careful changing, I know we as a company are required to do a verbal verification of employment prior to sending closing docs on any loan. If he’s changed before closing it could jeopardize the approval.

  7. Reply
    William
    April 30, 2011 at 3:26 am

    Changing jobs will effect your loan. Every lender is now making a Verbal Verification of Employment within 3 days of closing. Any change in you original application can cause a loan to be declined or you may have to wait until your husband gets his first pay stub from the new job. Please ask your husband to stay at his current job for 30 days and after you close he can change jobs.

    Three items NOT to do before you buy a home:

    http://fullsailmortgagenottodobeforebuyingho.blogspot.com/

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