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Change Jobs Prior to Applying For a Mortgage For A Lake Mary Home for Sale

Sun, Jan 02, 2011 at 8:08PM

In most cases an individual changing their job/employers shortly before trying to get a mortgage for a Lake Mary Home for Sale should not pose to be a problem. However, for some who are trying to get a mortgage approved to buy a Lake Mary home for sale changing their job can prove to be disastrous.

For individuals who are on salary and do not work on commission, do not receive bonuses or have any additional income changing jobs before applying for a loan to purchase a Lake Mary home for sale should not be a problem. Likewise, for the individual whose income is dependent upon hourly wages and who work forty hours a week a change in employment should not be a problem.

Workers whose income is based on commission changing jobs before applying for a loan to buy a Lake Mary home for sale could create problems. The reason being is that when mortgage lenders do the calculations for an individual’s income they average all of their commission over the course of the past two years. When this is the case a change in employment will create a sense of uncertainty for mortgage lenders and they will be less apt to give you the loan needed to purchase a Lake Mary Home for sale.

If a large amount of an individual’s yearly income is based on bonuses they may also want to consider not changing jobs prior to applying for a loan. A mortgage lender is likely not going to take into consideration the possibility of future bonuses when it comes to calculating an individual’s income. This will make the mortgage lender less apt to give a loan since their will not be a two year work history for the individuals new place of employment.

The worst-case scenario is if an individual has a job but is considering becoming self employed. Again, mortgage lenders like to see a two-year history of employment. If you are considering becoming self employed it is best to apply for the mortgage loan, buy the Lake Mary home for sale and then make the switch to self employment.

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