Can a change in job effect a mortgage application?

My partner and I have just submitted an application to buy our council house. We have been to a few mortgage companies for quotes which is all fine. However my partner is at his whits end with his current job and has been offered another position elsewhere, the money is no different. Would taking the job have any impact on our credit score etc etc.

1) As long as his new job is in the same field as his old job and he is going to be paid the same way (salary/hourly, preferably), it won't affect the mortgage application. It definitely won't affect the credit score. You should double-check with your loan officer, though. Tell the loan officer about it right away because they will need to do some extra work to document the new job and it could add some time to the loan process. Tell your partner to keep all of his paycheck stubs from the last month at his old job. They will be needed. Also, he should have the name and phone number of someone at his new job that will promptly verify his new employment and wages. A side note: There is one thing the job change will affect. The mortgage company will not be able to use anything other than base income from the new job to qualify your partner. Items such as bonuses, overtime, or expense allowances are generally expected to have a history of receipt of around two years. Make sure he is getting the bulk of his money in base pay.

2) based upon my own experience,here is a good resource that I have good luck with and would like to share with.http://mortgage.bestips.info/home-mortgage-refinance.html

3) what i would suggest is him staying at his current job until after the mortgage closes. one of the thing lenders look at is job history and if some of the other factors in the loan are marginal then the lender may reject it based on that. i am a loan officer and i have had a few deals fall through because of that but those are few and far between. however i'd say it's better to be on the safe side. see if he can tough it out for another month or so. if you want another quote i'd be happy to give you one, and hopefully i'd be able to get this closed for you within about 3 weeks, if you have any other questions please ask



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