Getting a Mortgage with a New Job
It’s rare to hear of people sticking with one company their whole career. In fact, most people work for several companies throughout their time in the work force. You’ve probably heard that job changes could possibly affect your ability to get a mortgage. While this could be true, times are changing, and mortgage companies are changing with it. Getting a mortgage with a new job isn’t as scary as you’d think. Here are some tips to keep in mind when trying to impress a mortgage lender, whether you’ve worked for one company or five.
Obviously, staying with the same company isn’t very likely, but staying in the same job field is preferable. Staying within the same field that you’ve been working in already or the field in which you have your degree is ideal for mortgage lenders. Why? It’s more likely that you’ll have a steady job as it’s something you’ve proven you’re planning to stay with and you’re good at. Staying within the same career field is the best option if possible.
If you just got a new job, make sure you have documentation of your new job and income handy for the mortgage lender. The paperwork should have your new title, new role, salary, and start date. A pay stub would be ideal to have as well. If the job is brand new, the lender wants to know that you starting and earning an income in guaranteed, so having documentation that shows this is necessary. As long as you have these documents, getting a mortgage with a new job shouldn’t be difficult!
If you’re in the process of applying for a mortgage, try to not change jobs. Although getting a mortgage with a new job isn’t a problem, getting a mortgage while switching jobs could be. Either change jobs before going through the application process or hold out a little longer and wait to switch jobs until after. Changing jobs won’t delay the process, but it could change the outcome.
Try to keep your credit score high. This is always a good thing to do. Mortgage lenders do look at this and rely on it when determining whether or not you qualify for certain loans. Be sure you’re paying those credit card bills on time and in full!
Changing jobs is a part of life and so is getting a mortgage with a new job! Don’t let it stress you out when you’re applying for a loan. Just be smart about it and make sure you have all you need!
Click here to see what loan programs you could qualify for with Sun American Mortgage Company! Or call today to speak with a professional Loan Officer about your personal scenario. (480) 832-4343