Changing jobs in the middle of a loan application

Changing jobs image

 

Have you ever been in a situation where you have been looking for that dream job for ages and didn’t get it. So you did everything else and carry on with your life.

There comes the time when you are looking to buy a property and you’ve decided you are after all not going to get that dream job. Hence you approach a broker and get the pre-approval. The bank has pre-approved your loan and then you start house-hunting.

You find your dream house and have signed the contract. and then finally……………

You get offered the dream job – that one job you’ve been waiting for years.

What do you do? Do you take up that job or do you wait till you settle on the property?

As a person who has been waiting for the dream job – I tell you – most of you would take up that job and assume you don’t have to tell the lender or broker about the change in job. You assume that all is well and that your loan will be approved.

Let me tell you the truth as a broker…….

If you change jobs in the midst of your loan being approved – the bank CAN and WILL DECLINE your loan – if it doesn’t fit their policy.┬áIt means that the bank policy may want you to be in a particular job for a length of time for them to approve your loan.

So NEVER NEVER change jobs in the midst of a loan application as you can be stuck in a new job without being able to afford the contract you signed!

Does this resonate with you – let me know how you solved it!