Should I tell my mortgage broker I just lost my job?
March 31, 2006 6:47 AM Subscribe
Yesterday I got fired from a job I hate, but I'm in the middle of applying for a mortgage and I'm worried this will jeopardize my chances of getting approved. I need to know what I should tell the mortgage broker, if anything, about this whole situation.
posted by elisabeth r to Work & Money (11 answers total)
I was given four weeks notice (paid), but not required to report to work.
I was also given a severance agreement- this would give me an additional two weeks pay. Don't worry- I'm having a lawyer look it over.
I was planning on (and had budgeted for) quitting my job in seven weeks- I am starting a new job over the summer, at a substantially higher income, and have documentation to support that.
This is when it gets complicated- Even though every other mortgage person I talked to said it's common to get approved for a mortgage based on future employment prospects, the broker seemed to not want to know I was quitting my job and didn't want to see the letter documenting my future income.
So it looks like the broker is trying to do my mortgage based on my present income and the fact that I am currently employed. I don't know what to tell him- how do I tell him not to call me on my work number anymore without it seeming suspicious? What am I obligated to tell him? Am I "still working" even though I'm on what amounts to paid leave?
Other information- I have excellent credit (~770), but was in school until a year ago, so my income has always been very low. I am liquidating about half my assets for the 20% down payment, and my parents are gifting me with some money for closing/settlement costs, moving expenses, furniture etc. My parents are also willing to cosign the loan, but obviously I would rather not have to make them do that if at all possible.
Any advice would be appreciated!