Learn. Share. Connect. (52,322 Members)  - Join

Site Tools

Join Now or Sign In
for Full Access to All Features

Local Professionals
(Change Your Location)

Please add 7 and 7 and type the answer here:
Mortgage Rates
30 Yr FRM 4.83% -0.08%
15 Yr FRM 4.32% -0.04%
1 Yr ARM 4.35% -0.11%
5/1 Yr ARM 4.25% -0.04%
30 YR Tres 4.32% 0.02%
Fed Prime 3.25% 0.00%
Q: I was pre-approved for a mortgage, found a house, made an offer, and then I was laid off. The offer has not been accepted yet, but we have a feeling that it will be soon. If I find a new job within a couple of weeks, is this okay to change jobs in the
  • You are obligated to inform the lender of any change in circumstances that affect your finances.  This certainly will affect a pre-approval.  The lender will find out during the verification process for your application, anyway. 

    If you do find new employment, and it is not totally unrelated to your previous employment, you still may end up qualifying for a mortgage.  The same holds true for any major change in financial circumstances.  Buying a new car, for instance, is best left until after the housing transaction is complete uless it is absoultely necessary.  If you have a copy of your application [form 1003], check the verbiage above your signature on page 3.  Honesty is always the best policy.  And today more than ever.


    Answer Submitted on Fri, Feb 13 2009

    Rate this Answer:
    Answer Contributed by: MisterVA
    Paul Chandler, Certified Mortgage Professional
    Blog: www.misterva.typepad.com
    www.misterva.net
    Prime Lending
    Jacksonville FL



    Certified Mortgage Professional in both New Hampshire & Vermont.
    Licensed Mortgage Broker in Florida
Submit Answer
This page has been accessed 410 times
Have more questions?  Visit our Consumer Forums and discuss your questions with our network of industry professionals.

Important Disclaimer: Questions and answers provided on the Mortgage News Daily Wiki are general information, and are not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice. Mortgage News Daily does not endorse, and expressly disclaims liability for any product, service or service provider mentioned or any opinion expressed in these questions and answers. Please read carefully the Mortgage News Daily Wiki Disclaimer.