Going for a mortgage loan? You may want to put off switching employers until after.
Ready to jump to a new job? That’s great news. But if you’re also applying for a mortgage loan, you might want to put a hold on that job-hopping until after your loan closes, especially if you are planning to take a job in a brand-new industry.
Changing jobs right before you apply for a home loan could hurt your chances of actually qualifying for it. That’s because lenders might worry that you’re more likely to lose that new job than you are a position you’ve held for two years or more.
In general, lenders want to see that you’ve worked in the same job for at least two years. Barring that, they prefer working with borrowers who have at least worked in the same occupation for at least that long.
The jobs rule isn’t a hard-and-fast one. Different lenders will view your job hopping in a different light. But if you want to give yourself the best chance of securing that mortgage loan, resist the temptation to jump to a new employer until after the closing papers are signed and the financing for your new home is finalized.
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