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I am starting a new job on Monday and will be shopping for a mortgage very soon. How much does starting at a new job hurt my applying for a mortgage? I am staying in the same industry, just switching companies.

Is there a certain amount of time I should wait? Does it even matter? I have excellent credit.
 

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I am starting a new job on Monday and will be shopping for a mortgage very soon. How much does starting at a new job hurt my applying for a mortgage? I am staying in the same industry, just switching companies.

Is there a certain amount of time I should wait? Does it even matter? I have excellent credit.
Normally you want to be at the same place for 2 years. They hassled me when i applied for my loan alittle bit cause it was only a year and a half. Regardless though, you will need atleast 2 months worth of pay stubs at your current job for your loan app, so you'll need to wait that long atleast.
 

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I think you should be fine. I went through this because I got laid off when they poured our foundation. They gave me a hassel because kept the same title but at a different company, but went from full time to temp to hire, just to keep the job. I got hired the last day possible so we could get the mortgage approved. They said if it was a permanent position with the same title it wouldn't have been a problem.
 

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I was on my job for a few months before bying my place, but i was able to provide the pay stubs from previous job and once they verifyed that i have money saved i was fine
 

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It all depends upon the details of your employment and which lender is closing your loan.

If your income is paid hourly or you are paid salary and the income is fairly consitent with the prior employer, then you should be ok.

If income has increased substantially and you need the new income levels to qualify you will likely run into issues. You could also meet resistance if you need to rely on bonus or commission income from the new employer to qualify.

Some lenders and loan programs are more tolerant in these areas than others.

As for time-frame, you will likely need to be on the new job long enough to have 1 new pay stub prior to closing your loan.
 

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It all depends upon the details of your employment and which lender is closing your loan.

If your income is paid hourly or you are paid salary and the income is fairly consitent with the prior employer, then you should be ok.

If income has increased substantially and you need the new income levels to qualify you will likely run into issues. You could also meet resistance if you need to rely on bonus or commission income from the new employer to qualify.

Some lenders and loan programs are more tolerant in these areas than others.

As for time-frame, you will likely need to be on the new job long enough to have 1 new pay stub prior to closing your loan.
and what makes you think you know what your talking about? :lmao: :lmao: :neener:
 

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Years of experience watching loans die in underwriting :twofinger
:twofinger stupid underwriters :laughing:
 

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BSB > WSBK > MotoGP
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The key point is this new job in the same profession you've been in for a while? If this is a new line of work then that could hurt with a loan/mortgage application. But if another similar job you should be fine.
 

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I am starting a new job on Monday and will be shopping for a mortgage very soon. How much does starting at a new job hurt my applying for a mortgage? I am staying in the same industry, just switching companies.

Is there a certain amount of time I should wait? Does it even matter? I have excellent credit.
edited for misquoting Keyholeio
 

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It all depends upon the details of your employment and which lender is closing your loan.

If your income is paid hourly or you are paid salary and the income is fairly consitent with the prior employer, then you should be ok.

If income has increased substantially and you need the new income levels to qualify you will likely run into issues. You could also meet resistance if you need to rely on bonus or commission income from the new employer to qualify.

Some lenders and loan programs are more tolerant in these areas than others.

As for time-frame, you will likely need to be on the new job long enough to have 1 new pay stub prior to closing your loan.


mostly true
 

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The key point is this new job in the same profession you've been in for a while? If this is a new line of work then that could hurt with a loan/mortgage application. But if another similar job you should be fine.
totally true
 

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to post whore? :laughing

here another post added to the count :flip
 

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