Posted on: 27th Jan, 2011 12:22 pm
I am set to close on a new property which also coincides with my last day of employment with my current employer. The next day I start my new position at a different employer. Does this present a issue with the lender and the assignment of the loan?
Lenders call your existing employer within 10 days of closing to see if you still work there.
Whomever they speak with may say yes or they may say yes, but not in ten days.
There is nothing wrong with changing jobs and it is correct to let everyone in the lending process know.
Sometimes a lender will require you receive the first pay check before you close to make sure you are really on the new job. That could delay your closing a few days or a week or two if they require that. They may just require a letter from the new employer that you are present and on the job.
You are best off talking to the loan officer and telling them the true situation. Chances are they will find out last minute and it is better to get everything scheduled properly as soon as possible instead of just getting cancelled at the last minute and you then have to do everything you can do now.
Whomever they speak with may say yes or they may say yes, but not in ten days.
There is nothing wrong with changing jobs and it is correct to let everyone in the lending process know.
Sometimes a lender will require you receive the first pay check before you close to make sure you are really on the new job. That could delay your closing a few days or a week or two if they require that. They may just require a letter from the new employer that you are present and on the job.
You are best off talking to the loan officer and telling them the true situation. Chances are they will find out last minute and it is better to get everything scheduled properly as soon as possible instead of just getting cancelled at the last minute and you then have to do everything you can do now.
A job change is fine as long as you're working in the same position or better yet a promotion but if you suddenly switch to a job that's totally opposite of what you were doing then you might have a problem with the lender because you did not hold that position for 2 years.
