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Wednesday, September 26, 2012

Jobs and qualifying for mortgages

With all the changes that have taken place in the markets today many are making changes and some are staying put. When applying for a mortgage loan the lenders are looking for job stability and will at the last moment at the closing have the Closing Agent or Attorney’s office call your current employer to make sure you still work there. Just a thought and a need to know. Say you just made a job change and you do not have a probationary period to work say 90 or 120 days, and the new job is similar in scope you’re ok, however you must have 30 days of pay stubs to get the loan approved. Just a thought on the timing for your closing. Food for thought when making job change timing is everything.

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