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Lets say I get started with the process of buying a house. I sign the sales paper and then secure a mortgage. After I sign the sales papers and sign on for a mortgage, but before closing I get a new job. Will I still be able to retain that mortgage I signed for, or will it all go to crap at closing?

Chris W. Rea
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arinte
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3 Answers3

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I'm in this situation now. My realtor stressed that I should not change jobs until after we closed on the house, specifically because it could affect out ability to get a loan.

The loan (and consequently the mortgage and house) are not in your hands until closing. Wait to change jobs until after you have closed on the house.

Matthew Jones
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There is more risk in changing jobs before closing. That being said, your new job vs. your old job is also a consideration.

If you are staying in the same role (accountant at old job, accountant at new job), with a similar company, making the same or more money, you should be able to re-qualify with your new job.

If you change careers (accountant to house-painter), switch from W-2 to self-employed, change from full time to part time, it is likely to make getting approved very difficult, if not impossible.

Alex B
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I guess it depends on timing. If your mortgage is already approved, there should be no issue. Do you have an obligation / contract to inform the bank about your change? My guess is that doesn't exist.

Banks typically look at your stability as a person. You've been working a number of month / years at your current job. Your new job is 'better' (higher salary). The bank doesn't care.

GUI Junkie
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