What happens if you change jobs after you get a mortgage?
We are going to close on our home loan at the end of this month, my husbands job is sending him to another state to work, and another company has offered him a job in the area where we already are. So my only concern is if there are any consequences with changing your job so soon after closing a loan.
Asked By: Tashina J - 10/1/2009
Best Answer - Chosen by Asker
Be careful changing, I know we as a company are required to do a verbal verification of employment prior to sending closing docs on any loan. If he's changed before closing it could jeopardize the approval.
Answered By: Nash P - 10/1/2009
Additional Answers (6)
Nothing happens. You pay the mortgage and everyone lives happily ever after.
Answered By: Common Sense - 10/1/2009
well if you are moving you want to cancel the closing. you are about ready to pay 3-4% in loan and closing costs so that can be avoided. plus it will cost you 10% to sell your home. this would be a huge hit financially to move out of state of you close on this home... More
Answered By: David Z - 10/1/2009
Nothing your already approved and as long as the new job pays the same or more and you can make the mortgage payments I see no problems.
Answered By: beaches li - 10/1/2009
As long as you can still make your payments and don't have to relocate, the mortgage company does not need to know anything about that and nothing is any different. What if the whole job thing falls through and he ends up staying at his current job (not likely, but possible)? Don't worry about it. There will be no... More
Answered By: Paul in San Diego - 10/1/2009
if you take the job in the other state, do you have any idea that you will ever return to this one... More
Answered By: tro - 10/1/2009
Changing jobs will effect your loan. Every lender is now making a Verbal Verification of Employment within 3 days of closing. Any change in you original application can cause a loan to be declined or you may have to wait until your husband gets his first pay stub from the new job. Please ask your husband to stay at... More
Answered By: William - 10/1/2009
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