Effect of job change on mortgage process?
December 13, 2010 7:23 PM Subscribe
Switching jobs after
being pre-qualified for a mortgage, but before
completing the mortage process -- What effect can this have on the process?
A friend and her husband have been building a new house. They were pre-qualified for a mortgage (whatever that means now) when they started construction this last spring. Now the husband has received a job offer and they just applied for a construction/permanent mortgage.
If he accepts this position will it affect them completing the mortgage process? Could they fail to qualify altogether? Or could they wind up being able to get less than the amount they expected? Or maybe would it affect their interest rate? Other possibilities?
They're in a pinch because he wants to accept the job (the new position, I believe, has a comparable salary to the one he had when they pre-qualified) but they are afraid of the impact on their mortgage if he does.
Thanks for any help/info!