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Changing jobs

Hello, I am thinking of buying a house and I have two questions:

1. I am changing my current employer starting 02/24. My title will remain the same and I will be working in the same field. I am thinking of talking to lenders to start the home buying process, should I wait until I join my new employer?

2. I have decided on my budget. I know, how much I would like to spend and what I want. To start the home buying process, should I start contacting different lenders and get the best quote and eventually a pre-approval letter?

Thanks in advance for your help. 

  • February 10 - Richmond
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Answers (5)

I would absolutely get a pre-approval before looking. This way once you find your dream home you can write right away and truthfully, before I take clients out I request a copy of the pre-approval. I cannot tell you how many times I have taken clients out and wasted not only my time but there time when they are not approved. It is heart breaking when they cant purchase " the one". 
  • May 12
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Very good advice.

All correct. My opinion....contact a lender for pre-approval or a buyers agent (who can refer you to a good lender, since we deal with them all of the time). Then, your buyers agent can help you find that "perfect home" in the range of your pre-approval. Once you have found a home and made an offer, which could take a while, then you will move forward with loan process and closing. Those usually take at least 30 days, that way you will have the time to be with current employer and show transfer, pay, etc....

Let me know if I can be of any assistance.
  • February 14
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I concur with Iris. You don't have to wait until you change jobs a the pre-approval can be done contingency upon the starting of the new job and what your income will be at that time. It is best to compare rates and closing costs with at least 3 lenders and most can offer you a preliminary cost estimate to use to compare. However Good Faith Estimates can not be generated until you have made formal loan application which requires a house. The preliminary cost estimate is the same type of document but just using generic scenarios until you find a home. Also, you will not be able to get an actual pre-approval unless a credit is ran but limit that to the lenders offering the lowest costs and terms first. Reach out to me via my profile and I would be happy to share our rates and closing costs with you as a jumping off point.
  • February 10
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Before you have your credit pulled, you should obtain Good Faith Estimates (GFE) from several different lenders. Interest rates will likely be comparable, the differences will be in the actual cost of the loan. The GFE will allow you to compare apples to apples when determining how much they are charging you for the loan. Also, some lenders will provide credit toward your closing costs so ask your potential lenders about this. Once you decide which lender you would like to work with, you should consider asking for a pre-approval letter as opposed to a pre-qualification letter. A pre-qualification letter is based upon your disclosed income and credit report. A pre-approval letter requires that they not only pull credit, but verify income, employment, etc. In a multiple offer situation, the pre-approval letter could prove to be invaluable and could help avoid some nasty surprises later on in the process. Best of luck in your search!
  • February 10
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As long as you are in the same line of work and there are no gaps in employment, the only thing you will need to qualify outside of the normal credit requirements is the ability to show employment for 30 days with the new employer in order to close. The transaction would likely move more smoothly if you wait.

You should certainly begin by contacting a lender however without the lender pulling your credit and having property tax information you will be receiving a estimated version of rate and cost.
  • February 10
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