Getting A Mortgage With A New Job? (What you need to know!)

Getting A Mortgage With A New Job? (What you need to know!)

– The challenge with that
is how do you get here to the new state and start a new job if you don't have a place to live and how do you get a place to live if you can't when you
go to start a new job? Welcome back to the channel everybody, today's video is going to
be about getting a new job or starting a new job when you are also trying
to get a mortgage.

Maybe you're starting your new job soon, or trying to get your mortgage soon, and you're just trying to get information on what should go first because it's kind of a
chicken and an egg situation. That is today's video, and I hope you stay tuned to the end so that I can share with
you as usual, all the scoop. I am Stephanie Weeks and
this is your one stop shop for anything and everything,
mortgage education. I drop new videos every
Tuesday and Saturday. I would love if you would
subscribe to the channels. I've been a loan officer
for over 17 years, I also wrote the bestselling book called "Mortgage Peace" in the process of wrapping
up my Mortgage Peace course, which, will be an online course.

I'm very excited about that. I've also helped thousands
and thousands and thousands of customers with their
mortgage financing. (air whooshing) There are many situations that
you could find yourself in when it comes to trying
to get your mortgage, purchase, or refinance your home. And you may be in the
middle of a job change considering a job change, maybe getting transferred for work or know that a job change is upcoming. So how do you handle that and how does that relate
to getting your mortgage? That's what I'm going to
cover in today's video. (air whooshing) Over the years, there's been so many
situations with job changes and trying to help
borrowers, educate borrowers and prepare borrowers in
how and what they should do in these situations. I'm going to try to talk about several examples for you today, but still keep the videos short because I know we're all always so busy.

But I'm gonna try to go
through some several examples (dog panting) of situations that hopefully can help you. Oh, hi Fiona in the background in case you didn't see that cute little thing down there, she's snuck into the screen. Let's first talk about a job transfer. Let's say that you are being
transferred with your job with your company to a different location. That is super simple. We would get information
from the employer to verify that your job is likely to continue, what the details of the new position and transfer look like and what your pay is going to look like.

That's easy because we know what your pay is gonna be, it's verified so on and so forth. So maybe you get to move, get into the house and then the transfer officially happens but you're still employed
during that transition. That's pretty easy. I want to compare that
to maybe you're moving to a different state but you're getting a different job or plan to get a different job. Cutie Pie join me, she's driving me crazy today but she had to be involved. We're talking about transferring
to a different state and maybe you're getting a new job or plan to get a new job. Here's a challenge. I've had people call and say
I'm gonna move to Mississippi, I'm coming from wherever, Kansas. I don't know why that comes to mind but I'm coming from Kansas
and we're moving over, we wanna buy a house, this is
what everything looks like.

And I say, okay, great. So you work at these
two companies in Kansas. What are you gonna be
doing when you move here? The response, oh, well, I'm going to get a new job
in the same line of work and I'm looking for that. Here's the challenge, you can't get your mortgage when you're in between jobs or when we know that you're
leaving your current job to go to another one and the other job or the new job has not been secured. The challenge with that
is how do you get here to the new state and start a new job if you don't have a place to live and how do you get a place to live if you can't when you
go to start a new job? So that is something
that's a little unique, it is different. It can pose a challenge. You want to get with a loan officer that you feel like is really experienced and that can help you out. Sometimes we can do the loan in one person's name versus the other or sometimes you can
have a trailing spouse where one stays and the other comes and maybe you can qualify on that.

It's very unique, it's
very special and specific, so just make sure you're communicating that with your loan officer and they'll help you to find the best way to figure out the solutions
to that particular situation. (air whooshing) Are you ready for another example because I have a few more for you. The next example is when you
know that you are working for, sort of makeup names here, you're working for company A, you plan to give them notice in the next few weeks because you've accepted
a job at company B. Meanwhile you're in the midst of trying to purchase the home. Maybe you're even under contract. A lot of people don't realize that once you give notice
to that current employer we're going to check on
that over and over again, so when they can't say
yes to the likeliness that you're going to
continue working there, a big red flag is gonna come up and the is gonna have to be addressed.

Kansas

Sometimes with the new job, you can go to closing
with just a job offer like a fully executed employment job offer with no contingencies. Sometimes you have to have the job offer and you have to have
started, even if for one day. Sometimes you have to have the job offer and have started and receive
at least one pay stub. Sometimes you have to have the job offer and have started and
receive a 30 day pay stub. That's a lot of differences, it's going to be case by case
depend on your loan type, loan terms, which program
you're going with, all those things come into play. So what in the world do you
do with all that information? Make sure you communicate
with your lender, they can help guide you along the way. Never think that someone's
not gonna find out something or that they're not really gonna know because we discover everything throughout the mortgage lending process.

Best thing you can do is be forthcoming, be honest, and really tell
your loan officer everything as if they were your therapist and that way they can
give you the best advice, how to handle your specific situation. She's literally sleeping, isn't she cutest thing ever? Her name is Fiona Quinn, just in case anybody was wondering. (air whooshing) Thank you all again so
much for joining me, I really hope this helps.

There are so many more situations and examples I can go through with this, I'll probably do more videos on it, because it is a great topic and a lot of people do ask
a lot of questions about it. It's hard to cover everything because it is so case specific. So just be sure to be really transparent.

( air whooshing) I always try to offer a
freebie with these videos, so the download today
is going to be a link to a free copy of my book, Mortgage Peace. I hope that you read it, I hope that you enjoy it, I would love to hear your feedback about it and around it, just click the link below and it'll send you right
over where you need to go to make that happen. (air whooshing) Please type peace in the comments below, if you have enjoyed this video and you feel like it's enough, good information that you
might even share the video and or the channel with
your friends and family because that would greatly appreciated, type peace.

Thank you guys. (air whooshing) If you've enjoyed it in this video which I really hope that you have, don't forget to give me a thumbs up. Hopefully you subscribed by now, Don't forget to hit
the bell to be notified every time I drop in the videos, I'm going to put a couple links to some other videos here
for you to enjoy as well. And I would love to
connect on social media. My Insta is _THEREALSTEPHANIEWEEKS, my LinkedIn is Stephanieaweeks, I'm at stephanieweeks.com and my Twitter I have to cheat because I can never remember it.

It is at L-O-A-N-L- A-
D -Y _ S -T- E- P- H. See you there..

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