DO NOT QUIT YOUR JOB in the begining or the middle of the mortgage process.
The worse thing a client can do to sabbotage his Mortgage application is to quit his job during the Mortgage Process. Let’s face it, you need a stable income to get a mortgage. Unless you are living on (and showing on your tax returns) investment income, it is really important to have a job in order to get a mortgage.
We’ve had clients in the past who shot themselves in the foot by switching or quiting their job before the mortgage was processed.
Banks verify your employment sometimes within 3 days of closing. If the Borrower quits his job before job verification is done, the financial institution can back out of the Mortgage Transaction.
Banks rely on borrowers to maintain their current income in order to lend. Don’t try to outfox them. It’s not worth while jeopardizing your Mortgage.
The same applies if you change jobs during the Mortgage process, you may delay the entire Mortgage transaction by 3 to 6 months depending on your probation period with your new employer.
Do yourself a favor and wait until you have closed your mortgage transaction before switching employment.