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I found a nice affordable house, am past the inspection and about 3 weeks to close. Unfortunately, I am having serious problems with my new boss (who I've had only a few weeks) due to a realignment. My efforts to resolve has not helped and also moving to another position within my company isn't an option at this time.
I applied for job yesterday and now have an interview with a new company. Pay and benefits are comparable.
I am now in the loan process where I am uploading documents. Am I obligated to inform my mortgage lender and or broker that I may leave my job? I wouldn't leave my current job without a solid job offer in hand.
Yes, of course you need to tell your lender. They would have a requirement of how long you have to be at the new job and how many pay stubs they want to see before approving the loan.
Even if you don't start the new job until after closing, if you give your 2 weeks notice at the current job prior to closing, you're going to screw things up too. Had a buyer do that last Summer. She had to rescind her notice, so HR could tell the underwriter that she is still employed through the foreseeable future, though HR still knew what she was doing.
Yes, of course you need to tell your lender. They would have a requirement of how long you have to be at the new job and how many pay stubs they want to see before approving the loan.
Even if you don't start the new job until after closing, if you give your 2 weeks notice at the current job prior to closing, you're going to screw things up too. Had a buyer do that last Summer. She had to rescind her notice, so HR could tell the underwriter that she is still employed through the foreseeable future, though HR still knew what she was doing.
Quote:
Originally Posted by Brandon Hoffman
Keep your job unless you get an offer for another one.
No you don't need to tell your lender anything unless asked. You have an obligation to answer every question asked truthfully. Talking about things that may or may not happen or ideas in your head is not wise. You can't proceed with the loan on the basis of the new job anyway since you don't have it. Your only choice is to get the loan based on the current job (stay through closing) unless you delay the purchase and hope they'll be ok with new employment.
I agree with FHW....I would not leave my job before closing on the house or you'll likely create problems for yourself.
Brandon: The OP already said they aren't leaving their job without a new job so that advice is unnecessary and it doesn't even address their issue.
I found a nice affordable house, am past the inspection and about 3 weeks to close. Unfortunately, I am having serious problems with my new boss (who I've had only a few weeks) due to a realignment. My efforts to resolve has not helped and also moving to another position within my company isn't an option at this time.
I applied for job yesterday and now have an interview with a new company. Pay and benefits are comparable.
I am now in the loan process where I am uploading documents. Am I obligated to inform my mortgage lender and or broker that I may leave my job? I wouldn't leave my current job without a solid job offer in hand.
Any advice appreciated.
The lender will reverify your employment prior to funding so it is a big deal to be changing jobs in the middle of a transaction. You need to discuss the situation with your lender because they can tell you what underwriting requirements will be for you specifically. They generally require a minimum of one paystub so if you get paid once a month, for example, you will need to extend your closing by that entire month to get the paystub in order to close the loan on your home.
Ideally, you won't change jobs until after you closed nor will you give notice at your old job that you are changing jobs until after you have closed. Seriously, this could derail your home purchase in a big way. Get information now so you can make an informed decision about your job situation as you might need to decide between a new job or the house.
If you have a good lender you can discuss this issue with them and they will tell you what you need to do to keep things moving smoothly with your loan in the event that you need to change jobs before closing.
Brandon: The OP already said they aren't leaving their job without a new job so that advice is unnecessary and it doesn't even address their issue.
You're correct. Was in the middle of typing and got tied up and hit the enter button.
OP: Keep the job. If you get an offer and it's similar pay and line of work it probably won't be an issue. If you do get the offer check with your lender to find out if the job switch would create any closing issues. If you don't get the job offer no reason to even bring it up with the lender. It would certainly be easier to at least stay at your current job until after closing.
Just keep your job...you can stick it out. I know it probably seems you cant but if you want this house without delay it's best to stay in your job. I have had customers tell their employer they are leaving/2 weeks notice to coincide with the day after closing on a house...well when the lender does one of their last verification of employment the present employer/hr were not quick to respond and in 2 cases said they were told the employer was quitting which caused all kinds of problems. Of course one can say "Oh I would sue this one or that one if they did that to me" but do you really want to get into that.
Feel free to interview and even accept a position but best advice is to say nothing to current employer until after closing.
Keep your current job and quit after. If you are offered a job that you want to accept, tell them you can start on X date (after you close on the house). Then give notice to your current employer. It's only 3 weeks away anyway!
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