How Will A Job Change Impact A Loan Application?
August 28th, 2008 By Peter G. Miller
How will a job change impact a mortgage application?
Answer: What type of job change? From one job to another in the same field should not be an issue. From a job in one field to a job in another may be problematic because lenders like to see a two-year earnings history.
And what about economics? Changing jobs for a better salary and more benefits is understandable. Changing jobs and getting less income is not attractive to lenders.
If possible, avoid job changes when applying for a mortgage. A new job may require lenders to re-confirm employment information.
Speak with brokers and lenders for details.
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