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I am working for CompanyX and my closing date on the house is on 18th August. I just now got a job offer from CompanyY and I have accepted it. My start date is August 29th. I dont want to jeopardize my house closing because of the job change. Verification of Employment (VOE) is still pending but I think it should be done by 15th August. I have to serve 2 weeks notice.

I will certainly not have any paystub from the new company before closing and I am not looking forward to letting the mortgage company know that I am switching jobs.

If I resign on the day or after my VOE is done but before closing, will it be possible that my employer contacts the mortgage company informs them that I resigned?

If I resign before VOE, will my current employer tell the mortgage company that I have already resigned?

Chris W. Rea
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Mark
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2 Answers2

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I had something like this in 2008. I we placed an offer and it was accepted in Feb, in March I was nearly laid off so I went out and found a new job preemptively. It was better paying than my current by quite a bit. My banker told me that if I did leave my job before the closing she was pretty sure the underwriter would pull out even though the new job paid more. I had 4 years on the current job and that reduced my risk.

I was low 700's at the time. I am guessing if you have better credit or a larger down payment then it may be different. I was getting a great rate >4% and 10% down. Talk to your banker. Find out if they are getting an underwriter and explain the offer. They are people and the banker has a lot invested in your mortgage already and probably does not want to lose their fee either.

Brythan
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I had to do something similar when getting a new rental home earlier this year, and both my soon-to-be-ex and upcoming employers supplied verification of employment to the rental company.

warren
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