How you are doing, Walter Montero here! I want to talk to you about, 10 do-nots, to do after you get your offer accepted and it’s firm. So this is going to be a 10 video series, and we’re going to talk about the 10 commandments of buying real estate.
Anyway, I want to start off with commandment #1 which is:
1.) Thou shall not change jobs, become self-employed or quit your job.
Now, the reason that mortgage brokers and bankers ask you not to do this is because when you’re qualified for a mortgage, they want job stability & job security. That typically means 2 years on the job.
If you change jobs after you’ve got an accepted agreement, you may have just endangered your mortgage commitment because they look for that stability. If you’re planning on changing jobs, wait till your deal closes, do it afterwards, but do not do it during the pending period because the lender will get nervous and they’ll pull your commitment and then all of a sudden, you’re in a pickle where you’ve got a commitment to buy a property and no mortgage because your job stability isn’t there.
So commandment #1, Don’t quit your job. Don’t become self-employed and don’t change jobs.