Once you set the ball in motion on your mortgage application, one of the worse things you can do is change jobs. Applying for a Mortgage? Don’t Change Jobs!
Change jobs during your mortgage process
If you change jobs during your mortgage process you risk even qualifying for a loan. Lenders want to see stability and if you jump around from position to position, they see you more as a risk than a dependable “bill-payer”.
There are exceptions, however, especially if you simply get promoted or change positions in one industry. Simply gaining a promotion or a new title in an established business usually will not affect your chances of getting a loan but it can be determined on a case by case basis.
If you switch jobs but are still in the same line of work, that will depend on the unique circumstances. For instance, if you are an insurance broker and you switch from one company to another but still sell insurance, your risk is far less than had you switched gears and gone into a new profession altogether.
Change your line of work
If you change your line of work say from a nurse to a lawyer, you are required to have 2 years on your new job in order to qualify for a conventional loan. FHA and VA loans are much more lenient.
If you go from a salary position to an hourly position you now need 2 years to prove what your income will be on average. Hourly positions are averaged over 2 years unless you are guaranteed a certain amount of hours such as 40 (full time) or 20 (part time). Most hourly positions have varying hours
If you are salaried and receive a bonus or commission every year and you change jobs you can no longer use your bonus or commission until after 2 years and you have proven what you will average.
If you are hourly and you go salary or you are salary and you stay salary, in most case, you will be fine unless your income decreases. However you cannot use any bonus or commission because of having to wait 2 years to average the income.
Again, each situation is unique so if you are in the midst of an employment transition, talk to me about what your options are and what may be a better way to go about getting a home loan or call me at (916) 847-7263.
Cindy is so easy to work with, very thorough and responds quickly to any/all questions & concerns. We really enjoyed working with her for our refi.
Yvonne Silao
21:39 28 Jan 22
Buying a house can be scary but Cindy was helpful and positive every step of the way where my loan was concerned. She is patient, kind, and a pleasure to work with. She always had my best interest in mind during each step of the process. I highly recommend her, you won't be disappointed!
Mark Krasko
21:30 28 Jan 22
Richard Feuerbach
19:30 28 Jan 22
Simply put, Cindy was awesome. I have purchased several homes over the years and without a doubt, Cindy made the whole process from beginning to end very pleasant and stress free.
Shannon Rodriguez
16:21 26 Jul 21
Cindy is the BEST! My husband and I wanted to refi our house but we had a big mess of things to clear up before we could do so. Cindy helped us every step of the way! Without her knowledge of the industry, amazing follow through and communication with us, and her patience, we never would have made this possible! Thanks to Cindy we lowered our monthly expenses and got a great interest rate with our new refi! I would highly recommend her to all of my friends and family!!!
Amy Russell
02:36 07 Jul 21
Dale Tindel
01:47 08 Apr 21
We have used Cindy exclusively since the purchase of our home in 2010. She has provided her expertise for two refinances and the mortgage of a 2nd home. Her attention to detail and her knowledge of market conditions have enabled us to always get the best rates available at the best prices. Thank you, Cindy.
stephanie boggs
21:46 07 Apr 21
Working with Cindy Steelman was an absolute pleasure! Everything from start to finish was professional.
Cindi Pearman
16:59 07 Apr 21
I honestly can’t say enough good things about Cindy. I didn’t know her when she brokered our loan in Nor Cal as she was referred by our Realtor, but we have been friends ever since.Loan brokers have access to many lenders unlike banks so they can get the best rates and she did! They also walk you through the whole process ensuring that everything goes smoothly and it did!So if you need anything mortgage loan related in California, give her a call and see if she can get you a lower rate. She probably can, if not, at least you made a new friend. 😊
Andrew Klinstiver
01:44 07 Apr 21
I have worked with Cindy a number of times, Her service and customer support throughout the financing process is second to none. I highly recommend her.
Chad Parker
10:12 06 Apr 21
Love working with Cindy. This is our second refinance. She makes it easy and keeps you up to date along the way.
Nicki Rowland
16:43 16 Mar 21
We have now refinanced with Cindy 3 times and every time has been an incredibly positive experience. We trust that she is giving us the best advice for our situation and we could not be happier. It has put us in a great financial position and we owe that to Cindy. She is prompt, responsive to questions and always on top of things. Highly recommend for all your home loan needs!
Patrick Ryan
00:41 28 Jan 21
Cindy's attention to details and her quick responsive approach to answering my questions was outstanding! However, what I was most impressed with was her astute knowledge of the industry which enabled her to close my purchase quickly with zero issues! 3 years later I refinanced my home and she was able to lower my interest rate, saving me $300 per month!One call to Cindy and your shopping for a home loan is over!
Monica Singh
19:54 14 Sep 20
We have worked with Cindy for the last 8 years doing a home mortgage and two refinances with her. She is a pleasure to work with. She always gets back to you fast and answers all queries with great patience. She gets you the best rate and is always on top of things. Her loans close on time and with least hassle, because she is so organised. I would highly recommend her for your mortgage needs.
Kurt Reinke
21:36 27 Apr 18
Catherine Heath
19:25 01 Mar 18
Cindy is knowledgeable and straight forward. I know I can trust her to give unbiased advice to my clients and myself. She is personable and very fast at getting right back to me on any questions I have.
Dave Huntoon
23:07 04 Mar 17
Cindy is a wealth of knowledge. I really appreciated her help!
Justin Gilbert
16:33 08 Jun 16
I have been working with Cindy for the last several years. I consistently refer my best clients to Cindy because I know they will be well taken care of. She takes the time to understand my clients needs and fights to get them the best product for their lending needs. If you are considering a new home purchase, or refinance of an existing loan, do yourself a favor and call Cindy.
Christine Glaesman
16:16 08 Jun 16
Cindy has a lot of experience in mortgage and can help you with all of your mortgage needs. Cindy is extremely knowledgeable in her industry. Cindy helps people qualify for a loan if they don't think they can qualify. Give her a call today!
shaun edwards
15:59 08 Jun 16
You won't find a better mortgage professional in the Sacramento area. Cindy really knows her industry and does great work.
