Depending on your work history and your lender, changing careers while buying a home may complicate your mortgage application process. For this reason, most mortgage experts advise completing your real estate transactions - buying, selling or refinancing - before launching a major career move. This is especially true if you are planning to start your own business or become an independent contractor.
Mortgage lenders not only verify employment at the beginning of the loan application process, but some re-verify the final 72 hours before your closing. Be aware that if you withhold information about an impending job change, you could potentially be committing income fraud.
However, for many borrowers, the career move cannot be postponed, and the job change will bring substantial benefits such as higher income (which may help you qualify for a better loan).
When you must start a new job or change careers in the middle of the application process, be prepared for additional time and some potential red tape. Many lenders will want to see an employment contract or a letter with a job offer before approving a mortgage. If you're counting on a future raise or bonus (as your projected income), you may be asked for a confirmation letter from your employer.
If you're buying a home in Sarasota, Florida, contact us at True Sarasota Real Estate (941) 918-1956. As Exclusive Buyer Agents, we're dedicated 100% to home buyers, and have helped buyer around the world select and purchase the best real estate in Sarasota, Florida.