Changing Jobs and Your Mortgage

Changing Jobs? How To Still Get A Mortgage

How to still get the mortgage you need when you’re changing jobs.

When you apply for a mortgage, you want to do everything you can to look as financially stable as possible. The more fiscal responsibility you can show your lender, the better rates you’ll receive on the financing you need to buy a home.

For this reason, changing jobs can make getting a mortgage a little more difficult. After all, if you’re not stable at your job, can your lender count on your income? You can show them that the answer is yes, but you need to be prepared to do some extra work. Here’s a quick guide to still getting the mortgage you need even in the midst of changing jobs.

  • Let Your Lender Know: It might be tempting to wait until you have your new job down pat to tell your lender about the change, but this can create issues with your documentation. If you think you might be changing jobs during your application process, let your lender know right away. The second you get your new contract or your first pay stub for your new income, send it to your lender.
  • Be Prepared To Prove Income: Have thoroughly prepared documentation on your income stream to show your lender. By showing that you have had consistent income, you improve your odds of getting the best rate. Make sure you have your first few pay stubs from your new job included in your income paperwork.
  • Have Your Employer Help: If your new employer is willing to write a letter saying that you are secure in your new job and lining out earning expectations, your lender will have much greater confidence in the longevity and stability of your income stream.

Of course, all of the above is only effective if you have an understanding lender. To get a home loan expert dedicated to helping you get the mortgage you need, contact Andraya Coulter. I serve Pleasanton and the rest of Northern California and will take the time to understand your unique situation!

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