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Are you considering getting a mortgage with a new job, but not sure if it will prevent you from being approved? In this video I talk about what your mortgage lender considers when you're buying a house with a new job, and give a few examples to help demonstrate!
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The challenge with that is how do you get here to the new state and start a new job if you don't have a place to live and how do you get a place to live if you can't when you go to start a new job?
Welcome back to the channel everybody, today's video is going to be about getting a new job or starting a new job when you are also trying to get a mortgage. Maybe you're starting your new job soon, or trying to get your mortgage soon, and you're just trying to get information on what should go first because it's kind of a chicken and an egg situation. That is today's video, and I hope you stay tuned to the end so that I can share with you as usual, all the scoop.
I am Stephanie Weeks and this is your one stop shop for anything and everything, mortgage education. I drop new videos every Tuesday and Saturday. I would love if you would subscribe to the channels.
I've been a loan officer for over 17 years, I also wrote the bestselling book called "Mortgage Peace" in the process of wrapping up my Mortgage Peace course, which, will be an online course. I'm very excited about that. I've also helped thousands and thousands and thousands of customers with their mortgage financing.
There are many situations that you could find yourself in when it comes to trying to get your mortgage, purchase, or refinance your home. And you may be in the middle of a job change considering a job change, maybe getting transferred for work or know that a job change is upcoming. So how do you handle that and how does that relate to getting your mortgage? That's what I'm going to cover in today's video.
Over the years, there's been so many situations with job changes and trying to help borrowers, educate borrowers and prepare borrowers in how and what they should do in these situations. I'm going to try to talk about several examples for you today, but still keep the videos short because I know we're all always so busy. But I'm gonna try to go through some several examples (dog panting) of situations that hopefully can help you. Oh, hi Fiona in the background in case you didn't see that cute little thing down there, she's snuck into the screen.
Let's first talk about a job transfer. Let's say that you are being transferred with your job with your company to a different location. That is super simple. We would get information from the employer to verify that your job is likely to continue, what the details of the new position and transfer look like and what your pay is going to look like. That's easy because we know what your pay is gonna be, it's verified so on and so forth. So maybe you get to move, get into the house and then the transfer officially happens but you're still employed during that transition. That's pretty easy. I want to compare that to maybe you're moving to a different state but you're getting a different job or plan to get a different job. Cutie Pie joined me, she's driving me crazy today but she had to be involved.
We're talking about transferring to a different state and maybe you're getting a new job or plan to get a new job. Here's a challenge. I've had people call and say I'm gonna move to Mississippi, I'm coming from wherever, Kansas. I don't know why that comes to mind but I'm coming from Kansas and we're moving over, we wanna buy a house, this is what everything looks like. And I say, okay, great. So you work at these two companies in Kansas. What are you gonna be doing when you move here? The response, oh, well, I'm going to get a new job in the same line of work and I'm looking for that. Here's the challenge, you can't get your mortgage when you're in between jobs or when we know that you're leaving your current job to go to another one and the other job or the new job has not been secured. The challenge with that is how do you get here to the new state and start a new job if you don't have a place to live and how do you get a place to live if you can't when you go to start a new job? So that is something that's a little unique, it is different. It can pose a challenge. You want to get with a loan officer that you feel like is really experienced and that can help you out. Sometimes we can do the loan in one person's name versus the other or sometimes you can have a trailing spouse where one stays and the other comes and maybe you can qualify on that. It's very unique, it's very special and specific, so just make sure you're communicating that with your loan officer and they'll help you to find the best way to figure out the solutions to that particular situation.
Are you ready for another example because I have a few more for you. The next example is when you know that you are working for, sort of makeup names here, you're working for company A, you plan to give them notice in the next few weeks because you've accepted a job at company B. Meanwhile you're in the midst of trying to purchase the home. Maybe you're even under contract. A lot of people don't realize that once you give notice to that current employer we're going to check on that over and over again, so when they can't say yes to the likeliness that you're going to continue working there, a big red flag is gonna come up and the is gonna have to be addressed.
Sometimes with the new job, you can go to closing with just a job offer like a fully executed employment job offer with no contingencies. Sometimes you have to have the job offer and you have to have started, even if for one day. Sometimes you have to have the job offer and have started and receive at least one pay stub. Sometimes you have to have the job offer and have started and receive a 30 day pay stub. That's a lot of differences, it's going to be case by case, depend on your loan type, loan terms, which program you're going with, all those things come into play. So what in the world do you do with all that information? Make sure you communicate with your lender, they can help guide you along the way. Never think that someone's not gonna find out something or that they're not really gonna know because we discover everything throughout the mortgage lending process. Best thing you can do is be forthcoming, be honest, and really tell your loan officer everything as if they were your therapist and that way they can give you the best advice, how to handle your specific situation. She's literally sleeping, isn't she cutest thing ever? Her name is Fiona Quinn, just in case anybody was wondering.
Thank you all again so much for joining me, I really hope this helps. There are so many more situations and examples I can go through with this, I'll probably do more videos on it, because it is a great topic and a lot of people do ask a lot of questions about it. It's hard to cover everything because it is so case specific. So just be sure to be really transparent.
I always try to offer a freebie with these videos, so the download today is going to be a link to a free copy of my book, Mortgage Peace. I hope that you read it, I hope that you enjoy it, I would love to hear your feedback about it and around it, just click the link below and it'll send you right over where you need to go to make that happen.
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