What happens if I lose my job before closing on a mortgage?
I'm pre-approved for a mortgage and looking for a house. We want to buy quickly because my company is probably about to be taken over. I still want to buy right now because I can make payments while I look for work, if I get laid off, but I can't get the mortgage while I'm unemployed. So if I get approved and lose my job before closing will the bank find out, do they do another check before closing? Will they pull my loan? I guess I just need to know when I'm really safe that I have my mortgage and what can happen if I lose my job in the process? Any bankers out there?
Asked By: hrland - 2/1/2007
Best Answer - Chosen by Asker
If the bank does a verification of employment before you lose your job then you should be safe... More
Answered By: justanother_supermom - 2/1/2007
Additional Answers (3)
Yes -- my underwriter/loan officer was calling me at work the week I closed for paperwork I had already provided. If they get suspicious, they'll pull out... More
Answered By: cardinalboy97 - 2/1/2007
If you have a new job in the same field (type of work) that you are already doing it will not be a problem. If you make the same income or more. Just make sure that it is the same type (area) of job or they could turn you down. If you know that your company is being bought out you may want to look anyway. If you... More
Answered By: Jill J - 2/1/2007
In most cases, within a couple days before closing, the banks will call your employer and do a verbal reverification of employment, so there's a good chance they'd find out... More
Answered By: fukinluckyfuker - 2/1/2007
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