This Job Change Could Delay Your Home Closing

Let’s take a closer look at one common homebuyer mistake: changing jobs before closing.

Just before closing, lenders always verify that you’re still employed — and likely to stay employed. If you’ve quit, or plan to quit, your lender will find out. I’ve actually seen this happen.

Another thing to know is that salary, commission, and contract income are all treated differently. Even if your income stays the same, changing how you’re paid can complicate things. If you can, delay any change in pay structure until after closing.

Now for some good news. You can celebrate getting a raise or a promotion. As long as you’re still with the same company, it shouldn’t affect closing.

And certain loan programs even allow us to qualify you using income from a job you haven’t started yet.

The key takeaway is this: if you expect or experience an employment change, contact your lender right away. As long as you continue to earn enough to qualify, there’s a chance it won’t affect your closing.

And remember — it’s always okay to ask. We’re here to help you get home.