Re: Question: job change-app before or after
01-17-2013 11:57 AM
I would app before the job change. Sometimes applications will ask how long you've been at your current job, and often, if you have to recon, the agent will ask how long you've been at your current job. If you've been there a while, you look like a more stable candidate.
As a loan underwriter, I would not look favorable on new debt. Your scores are good and it probably will not result in a refi loan decline but why risk it? What's more important; the lower mortgage payment or more plastic ( although its tempting)?
Just my .02.
Lexie, random question if you work in this line but since you mentioned it, would it matter in Duncan's case if he were doing a FHA refi vs. a conventional or other loan type?
Generally speaking, It would depend- some refi's are 'streamlined' where uw only looks at the borrowers payment history with that lender ( also they will not ask for income docs- just a phone verification) Assuming he is not pulling cash out of course- conventional refi loans will ask for income docs and will pull credit. it would also depend if he's changing lenders/investor packages.
Most FHA/VA loans are streamlined.