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Moving here soon. Im renting now but will be buying where i am going and im wondering if i should lock in before i move or is that shady because It wont be correct after i buy the house?Should i tell them or will it not matter? I'm moving from oil and gas to mining and I think both jobs would be classified as mining/exploration, would that make a difference.
Thank you
@nodak64 wrote:Moving here soon. Im renting now but will be buying where i am going and im wondering if i should lock in before i move or is that shady because It wont be correct after i buy the house?Should i tell them or will it not matter? I'm moving from oil and gas to mining and I think both jobs would be classified as mining/exploration, would that make a difference.
Thank you
Do you mean changing jobs or moving to a different geographical location?
You can't lock in your rate or really anything until you are under contract for the new property.
If you change jobs after you are approved but before you close on the new place, then you have to notify your lender immediately so they can start the process again. That's why LO's tell you not to change jobs, or add debt, and warn you not to make any changes during the loan approval process.
It is probably best to wait until you are in your new job/location before you get approved. It will save you time and effort.
if you are moving very far, the lender cant use current income to buy an owner occupied property in the new town.
does that make sense?
ex: i live in texas. i am moving to florida. i want to buy a house in florida. lender will want to know if i am working remotely or will i have to get a new job after the move.
Makes sense to me.