I am relocating 2.5 hrs away (same state) to be with family and I’m caught on which step to take first. Get approved for loan, find a new job, sell my home, or buy new home? Ideally I would love to find the job, sell home, buy new home, but if I get approved for a loan now don’t I have to show some type of proof of job right before closing? I can just tell them I am transferring if the mortgage company asks why the house is 2.5 hours away, and there happens to a be a branch in that city. However a transfer is not an option.
Background: We will be using our long time rep at Wells Fargo but I am not going to ask him at this point. Great credit, long time at job, 2 previous mortgages.
I have been in the same profession for 11 years. (1 year w/first job + 8 years w/second job + 2 years with current company.)
As a landlord, and old hat to getting mortgages approved, I know what the bank is really looking for.
They want to see the length of time that you are ‘in the profession/trade.’ They know that modern society does not promote a single employer for your career. They expect you might move from job to job on occassion.
They do not want you to be under a ‘probationary period’ at work. So a new change of job (with a typical 90 probation) can break a deal. If you can get you new boss to give you a performance report sooner and get you off of probation and let the bank know that you are now a ‘full time regular’ employee you can beat this little snag.
Also, if you have to change employment very frequently and have gaps in employment it signals them that you are either unable or unwilling to hold a permanent position. I look for this even as a landlord for screening renters. I know this doesn’t apply in your situation, but other readers might want to know what to avoid in their own housing ‘resume.’
As a landlord, and old hat to getting mortgages approved, I know what the bank is really looking for.
They want to see the length of time that you are ‘in the profession/trade.’ They know that modern society does not promote a single employer for your career. They expect you might move from job to job on occassion.
They do not want you to be under a ‘probationary period’ at work. So a new change of job (with a typical 90 probation) can break a deal. If you can get you new boss to give you a performance report sooner and get you off of probation and let the bank know that you are now a ‘full time regular’ employee you can beat this little snag.
Also, if you have to change employment very frequently and have gaps in employment it signals them that you are either unable or unwilling to hold a permanent position. I look for this even as a landlord for screening renters. I know this doesn’t apply in your situation, but other readers might want to know what to avoid in their own housing ‘resume.’
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Landlord since 1993. Owner of five rental units, two residences, and a commercial building.
They will verify your employment along with your credit report JUST prior to closing. Stay stable if you want the loan, then do as you please.
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Mortgage processor, retired.
As long as you are staying in the same industry and have the same kind of job, they shouldn’t have a problem with it. However, each loan company has it’s own set of guidelines, you really need to run this by them first!
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Realtor/Appraiser-Minnesota
ok firstof all one of th last things done by the lenders is check with your job!
and they will see on the application you are moving 2.5 hours away not to mention what you are talking about is mortgage fraud!
you could however get the new job as long as its doing the same thing it will have no affect on getting the deal done.
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IF the mortgage company does a VOE – verification of employment – before funding, then you may be screwed.
Just make sure the VOE is done on the original job before you switch.
If you have a signed contract from the new job and salary info etc in a similar field with no gap in employment, you should be fine.
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Pro
Barbara is right, especially in this mortgage market…
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