Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-18-2017, 11:28 AM
 
7,343 posts, read 4,327,482 times
Reputation: 7658

Advertisements

My current job is not great, let's say I get pre-qualified.

How does changing jobs affect pre-qualification? Changing for better pay of course, whether a little or a lot how does that affect things?
Reply With Quote Quick reply to this message

 
Old 08-18-2017, 02:49 PM
 
3,805 posts, read 9,289,664 times
Reputation: 4978
Better pay in what way? It it's full-time, W2, with a guaranteed minimum pay rate that qualifies you for the loan, that's good. If you are going into commission pay, pay that is more reliant or weighted on bonus pay (and you lack a 2-year history of commission/bonus), or a job without a guaranteed minimum rate, that's not good.
Reply With Quote Quick reply to this message
 
Old 08-18-2017, 04:59 PM
 
Location: MID ATLANTIC
8,651 posts, read 22,813,327 times
Reputation: 10469
Do not replace salary/wage with commission

If you are hourly, make sure the hourly rate and number of hours is better and guaranteed in writing.

Do not replace large chunks of salary with potential bonus or commission income.

Make certain you can link the old job with the new one. Say one is in television and the other is plumbing. But you were in accounting, that's fine. Plumber to News Director is not (unless you just earned a degree on the side).

Figure out which is the priority, job or house. Proceed with that in mind. I recommend you get the job where you want it, then the house, even if you must wait for a 2 year history of OT or bonus income (OT is averaged over 2 years, unless guaranteed as regular or a minimum number of hours each month).

Just because the job may be the priority doesn't mean ditch home buying. Find a loan officer to help you through the change and to advise you what works with any job offers. The loan officer can give you the outcome (buy now or buy later) with each offer.

Good luck!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top