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I am thinking of refinancing, however am in the midst of getting a new job, which should be finalized in the next couple of weeks. Do I need to wait until then to start the process?

by greg.pearson1 from Rudy, Arkansas. Oct 24th 2016 Reply


Christopher Jones (chrisjonesmtg)
#24 ranked lender in Illinois - 31 contributions

No. You can start now. In some cases you can close before the new job starts based on an offer letter. I have done several loans like these.Chris

Oct 24th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Yes, no and maybe. Assuming the new job is salaried or hourly income, the typical loan program only requires you be at the new job long enough to be able to provide 30-days worth of pay stubs. Assuming you start now, and depending when you change jobs, it could throw a monkey wrench into the process. Lenders also do verification's of employment right at the last minute before closing, so that may also trip you up. It's going to simply be all about timing. Standard loan rules say you can NOT close a loan based on an offer letter without actually starting work and having a pay stub. If you have a contract, you can qualify without actually starting the job. 99% of people only have offer letters.

Oct 25th 2016
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