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Post by Deleted on Oct 18, 2013 15:17:12 GMT -5
How long after switching jobs can you apply for a mortgage or would it be easier to purchase a home before switching jobs?
I know in our case they did not care much since my wife was going into the same field and I brought in 60% of our gross income; even purchasing the car did not reduce the amount we were approved for.
But I wonder for someone that is the only breadwinner with a stay at home wife.
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The Captain
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Post by The Captain on Oct 18, 2013 15:20:00 GMT -5
I had just changed jobs when we bought our current home. The bank looked at length of employement in the same career/field in addition to length of service with a single employer.
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Post by Deleted on Oct 18, 2013 15:23:41 GMT -5
I just lost a $1 bet when two people we know who have a TON of debts and are living paycheck to paycheck managed to get a $200,000 mortgage. No way these two people should have been given that kind of cash. After the checks were written they had $1.75 left in their account. And they had to beg, borrow and steal the last $500 from family. He got paid today and every penny go to paying people back. Complete morons.... So basically, you just can't know. Some mortgage companies will give money to anyone. Still. Seriously? My mortgage broker was worse than a IRS audit... The only thing he did not ask for was my first born child and he got close. |
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Peace Of Mind
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Post by Peace Of Mind on Oct 18, 2013 16:23:36 GMT -5
How long after switching jobs can you apply for a mortgage or would it be easier to purchase a home before switching jobs? I know in our case they did not care much since my wife was going into the same field and I brought in 60% of our gross income; even purchasing the car did not reduce the amount we were approved for. But I wonder for someone that is the only breadwinner with a stay at home wife. It's the same. As long as there is steady employment and especially if it's in the same line of work there is no issue. Unless the new salary amount was too low to handle the loan you were applying for. |
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8 Bit WWBG
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Post by 8 Bit WWBG on Oct 18, 2013 16:35:37 GMT -5
Its probably a big "it depends". Each bank is going to have a different set of rules, and each person's situation is different.
...:::"Seriously? My mortgage broker was worse than a IRS audit... The only thing he did not ask for was my first born child and he got close.":::...
It irked me how many follow up requests had to be made of me during my re-fi. Things that could easily have been asked for up front. I think they "forget" to ask for things on purpose, just to help buffer their workload.
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Post by Deleted on Oct 18, 2013 16:49:48 GMT -5
Its probably a big "it depends". Each bank is going to have a different set of rules, and each person's situation is different. ...:::"Seriously? My mortgage broker was worse than a IRS audit... The only thing he did not ask for was my first born child and he got close.":::... It irked me how many follow up requests had to be made of me during my re-fi. Things that could easily have been asked for up front. I think they "forget" to ask for things on purpose, just to help buffer their workload. Wow, we only had a couple of post app requests for a full doc refi. Two Letters of Explanation (LOE). 1 Why we had credit inquiries (from them and the other lender-we were up front and got quotes from both lenders) and 2. an explanation for a couple of large deposits into our checking account-see Anne 81's thread on qualifying for a mortgage. But I've been to this rodeo a few times before so I was really prepared. And a funny story, the Loan Officer who has been a BofA loan officer for 20+ years says you never give the underwriter any more than he asks for because then they are obligated to research and investigate. In other words, don't give them statements for accounts or assets they haven't asked for!  |
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alabamagal
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Post by alabamagal on Oct 18, 2013 17:06:13 GMT -5
If you work for a company for a long time, then switch jobs (same/more money) in the same field, I think that is considered solid employment history.
We refied our mortgage 1 month after I switched jobs. Worked one place 20 years, 3 years at second place, then just started at new company. No problem. Of course our loan officer is friends with the owner of the company I now work for.
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8 Bit WWBG
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Post by 8 Bit WWBG on Oct 18, 2013 17:22:23 GMT -5
A while back, my father looked into getting an IO mortgage on a property, which he planned to carry while rates were low, then pay in full in 7 years. The bank wanted proof of at least a year's worth of payments in cash on hand, as well as a bunch of other crazy stuff.
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