Sorry to keep going to the well, I've had some trouble getting the answer to this question: If I plan to relocate to another state, get a new job with a new company and buy a house, is it better to apply for a mortgage while I'm still at my current job (where I've worked for 7+ years) in my current state? If I apply for a mortgage after just having gotten a new job will the lender tell me I need to have worked in my current job a bit longer? (I have always worked -- have a perfect employment history.)
More important: YOU might want to know your new job is stable and what the local market is like, to minimize your risk. A reply from a mortgage broker would be interesting. It might depend on your scores and how much down you will pay.
I have relocated four times in the past 14 years, each time I moved the mortgage lender told me the important thing is a continuous employment history preferably in the same industry. Hope this helps.
Mokando is correct. In addition, the prefer (at least my brokers do) two years at the same spot. If you're in a position now in terms of mid-scores, I'd apply while at the current job. This is, of course, all moot if you're above a 700 mid at which you can just go stated.
Would it look fishy if I'm applying for a mortgage while living in New York and then wish to use it to purchase real estate in Colorado?
I am new here but if you have good credit and scores,ask a bank or broker to get you a preapproval.Explain your future plans to them.Most will be happy to take your loan on with perfect unbroken employment history.At least where I live they would do this. I work in the oil&gas industry down in La. I have been in same industry for over 10 years but have had to move around to keep eating during slowdown trends.
