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Old 05-27-2009, 07:24 PM
 
Location: TX
87 posts, read 263,503 times
Reputation: 52

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I will possibly be moving across country for a new job. I am currently employed with 17 years at the same company. I am going to be interviewing for a job across the country.

If I get the job - I will be buying a home in the area. this is the area I will be living in for some time. Family is there and we need to take care of a relative.

Should I apply for a mortgage BEFORE I quit this job, and use the information from this company on the application. If my company asks why I am buying a home across the country (when they are contacted) I will tell them it's for my mother, which it is since she will be living with us.

Or should I quit, start with the new company and take care of business in the nornal matter?

I ask because I don't know how long I need to be employed by new employer before I could get a mortgage.

I am not usually this sneaky, and it doesn't feel right. Do people do this?
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Old 05-27-2009, 07:40 PM
 
Location: TX
87 posts, read 263,503 times
Reputation: 52
Or should I apply for a second mortgage?
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Old 05-27-2009, 09:11 PM
 
Location: Plano, Texas
1,675 posts, read 6,617,839 times
Reputation: 693
As long as you are doing the same type of work, all that will be required is to show at least one paystub from new job.

I doubt i need to answer the last part as you already said "it doesn't feel right"

In addition, if you dont mention the move, the lender is going to ask how you intend to claim a house that is across country is your primary residence. Thus it will be looked at as a investment property which will require a much larger downpayment, at least 20%. Plus, dont buy a house unless you know you have a job.
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Old 05-27-2009, 11:02 PM
 
Location: Sacramento
2,568 posts, read 6,191,789 times
Reputation: 1924
Every time we moved we bought a house before the first day of work at the new job. The lenders are used to this. Usually you only need a letter from the new company showing the job offer and the new salary.
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Old 05-28-2009, 03:52 AM
 
Location: TX
87 posts, read 263,503 times
Reputation: 52
Quote:
Originally Posted by suzie02 View Post
Every time we moved we bought a house before the first day of work at the new job. The lenders are used to this. Usually you only need a letter from the new company showing the job offer and the new salary.
I think this has changed though, due to the tough economy. O think you neeed a few days to two weeks in before the loan will go through.
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Old 05-28-2009, 05:50 AM
 
28,461 posts, read 75,225,965 times
Reputation: 18520
If you can afford two homes then it really does not matter.

In most cases people that are relocating will first shop for a home, then put their existing home on the market and then finance the new home. Generally works out the best, as if the first home sells you know EXACTLY how much you can afford for the new home. Also avoids having two mortgage payments or a 'bridge loan'.

Good Luck!
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Old 05-28-2009, 04:52 PM
 
Location: Plano, Texas
1,675 posts, read 6,617,839 times
Reputation: 693
Problem with carrying 2 mortgages will be the lender will require much more money in reserves, like 6 months of your principle interest taxes and insurance payment for each property.

Yes, lenders used to take just a letter, most want to see a 1st pay check now.
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Old 05-30-2009, 10:08 AM
 
Location: San Jose (Willow Glen)
180 posts, read 649,754 times
Reputation: 96
Quote:
Originally Posted by suzie02 View Post
Every time we moved we bought a house before the first day of work at the new job. The lenders are used to this. Usually you only need a letter from the new company showing the job offer and the new salary.
welcome to 2009. need a first paycheck at the new job.
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Old 05-30-2009, 10:09 AM
 
Location: San Jose (Willow Glen)
180 posts, read 649,754 times
Reputation: 96
if it's the same line of work, you are fine with the new job. you probably wouldn't be able to get the loan with the old job anyway (at least not as a primary residence).
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Old 05-30-2009, 10:47 AM
 
Location: Sacramento
2,568 posts, read 6,191,789 times
Reputation: 1924
Quote:
Originally Posted by AndrewSoss View Post
welcome to 2009. need a first paycheck at the new job.
It has changed that much since last June? Maybe it depends on the type of job. We did use one of the lenders the relocation company had an agreement with to pay the closing costs directly.
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