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If you're switching jobs or plan to in the near future, you might want to know how that impacts your ability to buy a house. After all, purchasing a home is a lengthy, stressful process once you tally up the time for mortgage approval and pounding the payment to find a home.
If you're in the middle of considering a job change, your company has transferred you to a new area or you're thinking of starting a new business, it's prudent to think about how that affects any home-buying plans—because, frankly, any job switch can have major impacts on your ability and plans to buy a home.
What Lenders Review When You Buy a Home
Lenders want to know you'll be able to make your mortgage payments on any house you purchase. To that end, they carefully review a number of factors to assess your job security.
That means following the usual advice like not making any large purchases or deposits as you apply for a loan. You also shouldn't apply for new credit, switch banks or co-sign on another loan. They'll explore how often you've changed jobs and scrutinize any period of unemployment. Most lenders also give weight to:
~The health of your industry and company
~Your training and qualifications
~Whether there are other jobs that fit your pay and training
~Your work history beyond two years
~Any increases you've had in pay and responsibility
They also often ask employers to confirm that employment will continue for the first three years of the mortgage.
As you can see, changing jobs or job-hopping and obtaining a mortgage can be challenging.