Ready to buy a new home? But faced with a potential job change? Don’t give up yet! Sometimes an unexpected job change is for the better, and here’s why…
If the new job is in the same field as the old job, but with same or better pay, it is probably not going to affect your mortgage. If you freelance, or are an independent contractor, and you move to a salaried or hourly pay, it is probably not going to affect your mortgage.
However, the opposite is also true. Changing fields may impact the mortgage. Or moving from a structured paying position to one without structured pay may be an issue.
Bottom line, big changes make lenders nervous.
If there is a change, any change, make sure to keep all parties aware. No one likes this type of surprise, and certainly not at the closing table! Questions? Contact us today!