Posted on: 25th Jun, 2009 04:44 pm
Hi:
So I am currently living at an apartment that is provided by my employer. My boyfriend and I are waiting to close by next tuesday. I cannot work at this job if I do not live on site, so I was forced to give a two week notice when my employer found out about the move.
I already have another job lined up, in the same field and with more pay. I just gave my two week notice today for this job and will be starting the new job on Monday. Will I be at risk of losing the loan or defaulting if I don't mention the new job?
Should I even mention this to my lender? If the call in the next few days, my HR person will tell them I am currently employed. Do they ask if that employment is going to change?
advice: never take a job that requires you to take an apartment...if you lose your job...you just lost your home...and vice versa
So I am currently living at an apartment that is provided by my employer. My boyfriend and I are waiting to close by next tuesday. I cannot work at this job if I do not live on site, so I was forced to give a two week notice when my employer found out about the move.
I already have another job lined up, in the same field and with more pay. I just gave my two week notice today for this job and will be starting the new job on Monday. Will I be at risk of losing the loan or defaulting if I don't mention the new job?
Should I even mention this to my lender? If the call in the next few days, my HR person will tell them I am currently employed. Do they ask if that employment is going to change?
advice: never take a job that requires you to take an apartment...if you lose your job...you just lost your home...and vice versa
Unfortunately, that is a question for your lender. Of course you may choose not to disclose that information, but you did sign a document to say that the given information was true and correct to the best of your knowledge upon application. On the other hand, the likelihood of something of that nature ever beinging an issue once you had the loan is slim, unless of course you went into default and the loan would go into an audit. I do not believe that the new job would prevent you from qualifying for the loan, but I do not know every aspect of the situation. In this market all of the details factor into the entire picture. I hope this gives you a direction in your thought process, despite the fact I have not given you a easy straight forward answer.
Matt
Matt
matt, you're right in saying it wasn't exactly straightforward, but you've given good food for thought at least.
my take? here you go: kiba, you should definitely advise your lender of this change. i would like to assume that this new job is equivalent or better than the current job and that it will not adversely affect your approval. the lender's underwriter will have to delve into this file again to re-underwrite and that's not fun for any, but if all things are reasonably equal, the underwriter ought to be able to sign off on the loan with the new job being considered. will it affect your closing date? that's a question that nobody can answer except your lender.
better to give full disclosure and suffer a slight delay than to be found out to be keeping valuable information from them and suffering from that.
my take? here you go: kiba, you should definitely advise your lender of this change. i would like to assume that this new job is equivalent or better than the current job and that it will not adversely affect your approval. the lender's underwriter will have to delve into this file again to re-underwrite and that's not fun for any, but if all things are reasonably equal, the underwriter ought to be able to sign off on the loan with the new job being considered. will it affect your closing date? that's a question that nobody can answer except your lender.
better to give full disclosure and suffer a slight delay than to be found out to be keeping valuable information from them and suffering from that.
