<p>Quick 1-paragraph story… We have a 15 year mortgage (12 to go) with our credit union @ 4.50% done 3 years ago… About 50% equity in the house, probably closer to 55%. I’ve been planted in the same company for 27 years, and Mrs. Turbo is switching jobs as of Nov 1st. She is 11 years in her current job in Big Pharma IT and starting with a VERY large computer hardware/software/IT services company next month. Salary is the same give or take but the new job seems a lot more stable given what Big Pharma is going thru.</p>
<p>We would like to apply sometime in Nov or Dec. for another 15 year @ 3.25-3.35% with the same credit union or elsewhere. Credit score around 810-815. Would it be a bit deal for the mortgage people that Mrs. Turbo is just starting a new job?</p>
<p>Yes it’s a bit of a big deal. I just had that conversation with my mortgage broker today. It’s much better to show 6 months on a job than one. Why not apply to refinance right now so you don’t have to report the new job? Although with a good credit score and assuming a low loan-to-value ratio and a debt-to-income ratio within the current conforming limits, you should be fine.</p>
<p>We can apply right now but the catch is closing will be in a few weeks… Will the loan officers ask during closing 'are you still with BigPharmaInc?.. </p>
<p>With the interest rate drop we should easily qualify on my income alone, but i’m just being paranoid… I have this bad feeling that interest rates will begin to climb if we wait a lot more. It may be a bit of a gamble.</p>
<p>mortgage professional here --prior to closing, the lender will do a verbal verification of employment (meaning they will call the employer your wife listed on her application) to verify that she still works there.</p>
<p>It is NOT a big deal to change jobs during the application process IF the new job is in the same line of work and she’s going from a salaried job to another salaried job. What IS a big deal is to go from being salaried to suddenly starting your own business, because you would have no track record of being self-employed and earning income.</p>
<p>Tell your loan officer about her new job – title, employer, work address, work phone #, salary. The lender will need to see at least one paystub from her new job to verify that she actually started there and is earning what she said she was earning.</p>
<p>Or, as you said, if you qualify on your income alone, it’s a non-issue. They can “bracket” her income (meaning not use it to qualify).</p>
<p>Heck, with 50% equity in your house and two jobs, you’re one of the mainstays of america.</p>
<p>BTW, this reminds me: not sure what the fees are today or the processes, but some years back a friend of mine bought a house and he decided that it would be worth his while to apply for mortgages at two places, just in case. When he was at the closing, the lender tried to raise the rate on his commitment. My friend protested, and the lender was firm until he was told that my friend had another commitment. Although furious at my friend, the loan was closed under the agreed upon terms. </p>
<p>Don’t remember what the fees were, or the specifics, but its something to consider if its still executable legally and economically.</p>