If you have a signed employment contract but won't start working till next March, Can you look for a mortgage now? (loan, pre-approved)

[moonsky]

We are moving in January but I won't be working till March. I would like to start the home search and get the preapproval letter. I am currently employed but will take two months for vacation before starting new job. My new salary will be 3 times higher on what I currently earn. If I am getting the preapproval now, will it based on my current salary or new one. We probably won't start paying mortgage till I start working at the new job.

Thanks,

[transformers]

I think you should be able to get pre-approval based on future salary...not sure though.
But you wont be able to start your mortgage loan application. Because I was in the same situation and the bank said they need recent paystubs to start the loan application. So we just submitted the loan application with my husbands paystubs and my income did not get counted as I was supposed to start my job a few months later.

[VictorBurek]

The lenders i deal with will not approve a loan with contract for employment. They will require you have at least 1 month's of paystubs before they give final approval. As above poster said, you can be pre-approved but wont be able to close until you have pay checks.