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Don't Quit Your Job When Buying A House

Yes, I know this should be an obvious statement, Don't quit your job when buying a house, but apparently is needs repeating. So I will repeat it, if you are applying for a mortgage and waiting to close on a house you can not make any big financial changes.

Even if you have already made your mortgage application,

Even if you have already provided all the financial information to the mortgage company,

Even if you are just a few days away from closing,

Even if it is a better job, making more money,

Even if you have lots of money saved up,

Don't quit.

Your mortgage company will pull your credit again, call your employer, and any of a variety of checks right before closing. A change of employment can sabotage or delay your closing. If you find yourself in a position where you plan to change jobs, or can't wait until closing, you need to discuss the situation with your mortgage broker as soon as possible.

Oh, and a few other tips along the same lines, when you are waiting to close...

Don't transfer large sums of money to your bank accounts without explaining it to your mortgage broker

Don't buy a new car

Don't buy a house full of furniture or take an expensive vacation on your credit card

Don't stop paying your current bills or rent

Don't take out any other loans

Just remember, the mortgage company is watching you up until the day you close so watch your spending, don't mess up your credit and please, don't quit your job.

Buying or selling in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.bestpittsburghhomes.com.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

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Comment balloon 3 commentsChrista Ross • July 29 2011 08:23AM
Don't Quit Your Job When Buying A House
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