Applying for a mortgage and changing your job? WAIT!

SHOULD I STAY OR SHOULD I GO???

Over the next few weeks we will be telling you the 10 best ingredients when applying for a mortgage.

So, you are applying for a mortgage and considering changing job – hit the brakes. Since most lenders will request a least two years of work history, stability rules and changing jobs shortly before going through the application process may raise a red flag with your lender.  This does not mean that you cannot get a mortgage even if you plan on switching jobs. Be forthcoming and discuss the move with your lender. Provide an offer letter from your new employer. Convey the reasons for the job change, such as higher pay or better benefits. Your lender is looking for your capacity to repay the loan and being as transparent during the application process will only help your chances for approval.

If you would like to further discuss how changing jobs affect getting a mortgage contact me, Dwayne Stein at 985-612-1900.