Kemmer's call

Getting a New Job & New Mortgage

April 8th, 2015 7:03 AM by Kemmer Daniel Matteson

GETTING A NEW MORTGAGE IN CALIFORNIA
GET QUALIFIED FOR THE RIGHT HOME LOAN IN CALIFORNIA WITH FIRST CALIFORNIA FINANCIAL

If you’re looking to get a mortgage in California when you relocate to take a new job, it may not be as difficult as you think. Here is what you need to know when you are relocating for your job and you want to buy a home in California, the must knows about how to get the right mortgage loan in California.

Even though you may be between jobs (at least technically), these situations are fairly common. If you can understand the situation from the point of view of your lender and know what your options are, you should be able to get the mortgage—and the home—that you want.

Lenders will look at three aspects of your income: history, amount and stability. That may seem like two strikes against you—with only income history going for you—but just because you’re getting a new job doesn’t mean that you’ve suddenly become a lending risk. If your new job is in the same industry and the pay is equal to or greater than that of your prior job, many lenders will consider that as a sort of continuation of your old job. Also, keep in mind that there are other factors—such as your credit score and debt-to-income ratio—that a lender will consider besides income.

In most cases, you’ll have several different options in terms of getting a mortgage when you relocate. A lender may want proof of at least 30 days of employment at your new job, so closing on a new home immediately may be tricky, but there may be ways to get around this. For example, if you have an offer letter—or, better yet, an employment contract—a lender may approve your loan as long as your start date is before the date you close on your new home. If that’s not feasible, most lenders offer loan products that are specifically geared to these situations.

The bottom line is this: Lenders deal with people relocating for a new job on a regular basis and they will certainly do their very best to get you into your new home.


My Favorite Blogs:

Sites That Link to This Blog: