Switching jobs while mortgage is in approval process

[Anonymous]

Need opinions! We are currently in underwriting through a mortgage brokerage firm. We have been pre-approved and have a mortgage commitment date of 6/15 and a closing date of 6/29. I have two young children and we are moving about an hour away from our current town. I have decided to leave my current position of two years and look for something closer to where we are moving. I have given six weeks notice so my actual term date is after our close. However, my fear is they will call HR and HR will tell them I have resigned. Does anyone know if they are allowed to say this or just my salary and that I am currently employed there (which I will be)? I would confide in my mortgage broker, however, I am not sure I want to raise the red flag. BTW - I am a co-applicant. My Husband makes 4 times my salary and I am sure we would qualify without mine. However, at this time I am on the loan. Any advice? Opinions?

[namvet]

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@Anonymous wrote:

Need opinions! We are currently in underwriting through a mortgage brokerage firm. We have been pre-approved and have a mortgage commitment date of 6/15 and a closing date of 6/29. I have two young children and we are moving about an hour away from our current town. I have decided to leave my current position of two years and look for something closer to where we are moving. I have given six weeks notice so my actual term date is after our close. However, my fear is they will call HR and HR will tell them I have resigned. Does anyone know if they are allowed to say this or just my salary and that I am currently employed there (which I will be)? I would confide in my mortgage broker, however, I am not sure I want to raise the red flag. BTW - I am a co-applicant. My Husband makes 4 times my salary and I am sure we would qualify without mine. However, at this time I am on the loan. Any advice? Opinions?

Yes it could raise a red flag and your employer could say you have given notice to leave your job.  Since your husband can qualify without your income i wouldn't worry about it.  However that info could delay your closing.  If i were you i would confide in your mortgage broker.  My clients always did for me. 

[Tpelc23]

It will raise a red flag I'm about 100% sure. You need to talk to your employer and see what they will say.

[DallasLoanGuy]

you are no longer pre-approved.

This loan is over

[Anonymous]

Dallas- I am not sure I understand your response?

[DallasLoanGuy]

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@Anonymous wrote:
Dallas- I am not sure I understand your response?

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verbal verification of employment done by the closing dept... AFTER closine and BEFORE funding..... there will be NO liklihood of your employment continuing.

look... it is ok to change jobs during a loan. i did it on my house. i live in 'The Great State of Texas' yet I was in N.J. when we closed. (wife had power of attorney to sign). I was not a loan officer then..... just a lowly computer salesman.

i actually closed a client in a similar situation as a loan officer. so it can be done.

but you haven't shown me that you have a new job in the same line of work.... you just said that you gave 6 weeks notice and havent secured a new job yet.

you dont have income to pay the loan.

you cant get a loan on your 'income' because the liklihood of it continuing is ZERO.

[tooleman694]

Talk to your broker and have him do the DTI with your other halfs income only and resubmit it to the UW, im sure you will be fine.