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 g******d 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
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Click to learn a simple system to get paid on bills people pay monthly.
Legitimate Survey for Cash.Extra Money for You,Join Here!
$21/hr Start, Avg Pay $72K/yr No Experience Needed! Get Started.
Other Career Questions
Do most mechanical engineering jobs offer job security?
What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.