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Before you buy your first home, you might be surprised by the adverse effects on mortgage approval that changing jobs can have on the process. Income and employment status are closely watched by banks and mortgage lenders.
Changing jobs can result in higher interest rates or even rejection.
Changing jobs is just about as stressful as buying a new home. When the two happen at the same time, you might not be able to handle the pressure.
Taking one thing at a time, your mortgage approval process will go more smoothly, and you’ll be more confident in affording your new home. Here are some tips to keep in mind.
Kirt Eure
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Hello Kirt,
This just happen to me 2 months ago. I was applying for a new home loan. I worked as bank teller and other job called me to work for them. It was not in the same field so when I told my broker what I did, he did not seem to happy. The next day he called me back and told me that since I was not working in the same field the lender has turned me down. I’m so pissed that is not fair, what do you think I should do.
Elizabeth
Adverse Mortgage Lenders…
Very cool post….
Really great post. The relation between job hopping and high mortgage interest rate is revealed beautifully. Thanks for it. Just look at the mortgage rate trends and you can find how mortgage rates have changed in course of time.
Very usefull post.
Thanks.
P.S. I like your writing style.
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