{"id":1181,"date":"2022-06-21T15:03:45","date_gmt":"2022-06-21T15:03:45","guid":{"rendered":"http:\/\/www.mikeclover.com\/blog\/?p=1181"},"modified":"2022-06-21T15:03:45","modified_gmt":"2022-06-21T15:03:45","slug":"a-new-job-could-mean-no-new-house","status":"publish","type":"post","link":"https:\/\/www.mikeclover.com\/blog\/2022\/06\/21\/a-new-job-could-mean-no-new-house\/","title":{"rendered":"A new job could mean no new house\u2026"},"content":{"rendered":"

\"Concentrated<\/a><\/p>\n

 <\/p>\n

Think twice about changing employment if you\u2019re buying a home<\/p>\n

The new job you\u2019re contemplating might pay more and make it even easier to make mortgage payments on that new home you want. But think twice before you take the leap.<\/p>\n

Better yet, talk it over with your favorite mortgage lender. Be clear about the change you want to make and why you\u2019re considering it. Lay out all the facts and let your lender advise you.<\/p>\n

Depending upon what you want to do, you may want to wait until after your loan is closed before going forward.\u00a0 Or \u2013 you may want to make the change, then wait a few months before making a loan application.<\/p>\n

Whatever you do, don\u2019t change jobs while your home mortgage loan is being processed unless your lender tells you that it is safe to do so. Otherwise, the change could result in a last-minute rejection.<\/p>\n

Your employment history is one of the financial matters your lender will look into when you apply for a mortgage loan. Naturally, banks want to know that you have a steady income and can comfortably handle your monthly mortgage payments.<\/p>\n

In their eyes, the longer you\u2019ve been in your current position, the better. Changes in employment make them wary.<\/p>\n

Moving up or taking a promotion within your current company is probably the safest employment change in your lender\u2019s eyes. This signifies that you\u2019re a valued employee, not likely to be laid off in the near future.<\/p>\n

Taking a similar position with a new employer is next in the \u201cleast risky\u201d lineup. However, the status of your new employer counts as well. If you\u2019re leaving an established company to take a job with a start-up, the bank\u2019s underwriters might see that as extremely risky.<\/p>\n

Next on the risk scale is leaving a salaried or steady hourly wage job for a sales job based on commissions. We all know that commission work can be \u201cboom or bust,\u201d and lenders know that too.<\/p>\n

The highest risk is becoming self-employed. Generally, banks want to see 2 full years of tax returns before approving a self-employed borrower.<\/p>\n

Whatever you do, don\u2019t try to hide your change in employment from your lender. Banks often re-verify information at the last minute before funding your loan, and finding your deception is a sure way to have your loan cancelled.<\/p>\n

If a home purchase and a change of employment are in your plans, do call us.<\/p>\n

We at Homewood Mortgage, the Mike Clover Group,<\/strong> will be glad to furnish advice and information to help you make a beneficial decision.<\/p>\n

And of course, if you\u2019re buying a home, call us whether or not you plan to change jobs. We have some of the best rates and lowest loan fees in Texas. And\u2026 we have the friendliest loan officers!<\/p>\n

 <\/p>\n

\"4\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  Think twice about changing employment if you\u2019re buying a home The new job you\u2019re contemplating might pay more and make it even easier to make mortgage payments on that new home you want. But think twice before you take … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/1181"}],"collection":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/comments?post=1181"}],"version-history":[{"count":1,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/1181\/revisions"}],"predecessor-version":[{"id":1182,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/1181\/revisions\/1182"}],"wp:attachment":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/media?parent=1181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/categories?post=1181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/tags?post=1181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}