DON'T QUIT YOUR JOB!!!

By
Mortgage and Lending with D A Griffin Financial.LLC NMLS 6380

DON'T QUIT YOUR JOB!!!

 

One of the last things a mortgage lender will do is verify if the parties to the mortgage loan are still employed. This takes place at the end of the loan approval and before closing takes place. So, don't quit your job if you want to close on your home purchase or refinance. 

 

Can one change jobs during the mortgage loan process and still get a loan? Possibly, but questions arise because the primary purpose of verifying employment is the ability to repay a mortgage loan. During the loan approval process a lender collects data regarding employment that they use to approve the loan. The final step is assuring the income is still in place.

A new job may have a probationary period, may have less pay and certainly has no track record to show what the income will be. Throwing caution to the wind and making a change in employment can easily sidetrack your loan approval. If you intend to quit your job do that before you write a contract to buy a home and establish your income base.

Also, it is a great idea if you are thinking about buying a home to speak to a loan originator and be candid about your thoughts.  When it comes to employment quitting one job for another when going from W-2 paid to self employed or from salaried/hourly to commission can put your home finance on hold for a while. 

 

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Topic:
Lending / Financial
Location:
Kentucky
Groups:
Mortgage Professionals
Cincinnati Real Estate
Mortgage Brokers
Mortgages
Realestateandfunding
Tags:
mortgage loan
home finance
dont quit your job

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Dora Griffin

NMLS 6380
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