What happens if my job changes while I am under contract?
Any change in employment or income during your transaction can affect your loan approval. Lenders verify employment right before closing, so switching jobs, losing a job, or even changing from salary to commission can delay or derail your financing. If you're thinking about a job change, talk to your lender first. Sometimes a move to a similar role with equal or higher pay is fine, but it depends on your loan type, the timing, and the lender's requirements. Do not make any major financial changes without clearing it with your lender. The specifics depend on your situation and a licensed lender should confirm how to proceed, and Jon can connect you with one.
Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.
More on credit and pre-approval
- What credit score do I need to buy a house?
- How do I get pre-approved for a mortgage and when should I do it?
- What is the difference between pre-qualified and pre-approved?
- How can I raise my credit score fast before buying?
- What documents do I need for a mortgage pre-approval?
- Can I buy a house with bad credit or after a bankruptcy?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.