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Switching jobs but closing before start of new employment. Problem?

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  • Switching jobs but closing before start of new employment. Problem?

    Problem solved..... Thank you Key Bank
    Last edited by stangorang; 03-09-2022, 02:39 PM.

  • #2
    Tell your lender ASAP,


    • #3
      This could potentially turn into a major problem. Sometimes the bank will be fine with a contract in hand with the new employer. This situation would likely be fine with a physician loan. But with a conventional mortgage there are lots of regulations that are outside the control of the lender. Worst case scenario, you could lose the financing, lose the house, and lose your earnest money. Best case scenario, the mortgage lender will say no problem and you will be fine. It depends on the type of mortgage financing.

      Some banks will change your loan to a "portfolio loan" where they hold the mortgage in house and therefore are subject to much less regulation regarding the buyers' financial situation. Physician loans are much more flexible than traditional loans. I would speak to your real estate attorney about how to handle the situation, before speaking to the lender. If you have enough time before closing, you may want to switch to a different type of mortgage financing to avoid issues. You also may want or need to change your plans so there is no gap between jobs.


      • #4
        If the contract is signed why can’t you refuse to accept the sellers request to change settlement date?