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Greetings all. I am purchasing a new construction townhouse and I'm scheduled to close in late August. I just received word of a significant change of assignment at work, after 11 years in my current assignment... and I'm not happy. Worse, after a year of no problems and good evaluations, my boss decided to tell me everything I did wrong over the past year, despite no prior concerns about these matters.
I am strongly considering asking for a transfer to another department. My job and salary are safe (I'm a tenured teacher, and my overall evaluation for the year was satisfactory). The only thing holding me back is the fear that this transfer may have an effect on my mortgage application.
So, mortgage gurus, what say you? I'm kind of losing my mind over this, so any advice you can provide would be most appreciated. Thanks.
My husband made 4 lateral moves and none of them changed our paycheck in any perceivable way. I wouldn't think it will change anything, but ask the loan officer and HR.
Also if you're only strongly considering it still it could take some time to pan out. It's already close to July. In my husband's case it has never happened any sooner than 6 weeks. Suppose you wait a week or two before you get the ball rolling and arrange to start your new role until after you close. Not sure if that's possible, but that's how I would play it.
Just a guess. But since your income for the past two years did not (can not) change and your employer did not change and your salary did not change you have no problem.
Assume your mortgage is approved now. Was their any contingencies? I could see them confirming employment but it would have to be spelled out in your agreement. And I would think no problem in the confirmation.
They will want updated pay stubs to confirm you are still employed at the same salary, but with the same employer, I doubt they will look any further than that to see if you made any internal changes.
Greetings all. I am purchasing a new construction townhouse and I'm scheduled to close in late August. I just received word of a significant change of assignment at work, after 11 years in my current assignment... and I'm not happy. Worse, after a year of no problems and good evaluations, my boss decided to tell me everything I did wrong over the past year, despite no prior concerns about these matters.
I am strongly considering asking for a transfer to another department. My job and salary are safe (I'm a tenured teacher, and my overall evaluation for the year was satisfactory). The only thing holding me back is the fear that this transfer may have an effect on my mortgage application.
So, mortgage gurus, what say you? I'm kind of losing my mind over this, so any advice you can provide would be most appreciated. Thanks.
I'm a worrier myself. I've tried to break myself of this, but it does have pros and cons.
I've learned with renting or mortgages, anything of this sort, the person on the other end doesn't give a care. They want to sell the place as bad as you want to buy it. They plug in your income and it comes back as a yay or nay. If the income is the same and you've had the job more than a few months, they click the box and it comes back yay. End of story, so stop worrying.
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