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I just submitted my application but lost my job. I was offered another by a friend with same pay after 3 mos. Will this affect my application?

by mwandel284 from Covington, Pennsylvania. Jan 22nd 2021 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,529 contributions

YES, but just talk to your Loan Officer. If the new job is hourly or salary, the lender will be able to use the new job and new income. I lend in MN WI IA SD ND - Find me at - NMLS 274132 - Cambria Mortgage

Jan 22nd 2021
Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,332 contributions

One of the disclosures you sign when applying for a mortgage is to notify the lender of any material changes in your finances. Changing jobs is material. Immediately notify your Loan Officer. Provide him/her with the updated details of your new position / income. Depending on all of the factors in your particular circumstance, this may not be a big deal at all. I have had plenty of loans where a job change occurred after the application and before the final underwriting and they still closed. It just depends on the circumstances. But failing to tell your Loan Officer / lender would likely be a fatal (for the loan) mistake because they WILL find out, and when they do, you will be declined. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Jan 23rd 2021
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