Congrats! You got a new job offer in the Greater Los Angeles area! Moving to a new city for a career is an exciting process. Along with the new job, you will need to start considering where you are going to live. Although it can be stressful to think about a mortgage at the same time as starting you make a career move, it is a great way to lay down some roots in your new community. The Domis Team is here to help Buyers navigate the relocation process in our communities.

 

How does a job change affect your mortgage?

Starting a new job has an inevitable affect on your loan approval. But, do not dismay! Lenders are interested in your ability to proof that you can afford the home for at least the next three years. The best way to prove this is through your income and employment history. As long as you have not been continually changing jobs or had long breaks in employment, your lender will be able to review your finances in a positive light. Your new job will also display your ability to repay the loan. If you are getting a promotion or receiving a pay/benefit increase, these are positive indicators for a mortgage. As long as you will be working full time and have a long term contract, your approval chances should not change. Be sure to share your offer letter with salary confirmation to the lender. In addition, they will want to see proof of employment within 30 days. This can be done with your first pay stub. Follow this simple advice and your should have no issues being approved for a loan!

 

How to acquire a home loan in the midst of relocating?

There are several factors to consider during this process. If you own a home in your current location, determine how long you can afford that mortgage while trying to settle into your new community. You need to be prepared if your current home does not sell as quickly as you were expecting. If you can't afford two mortgages at once, consider renting in your new location at first. Not only does this give you time for your employment verification but also provides you with the opportunity to explore your new surroundings and find the perfect neighborhood for you. However, if you are determined to find a new home immediately upon relocating, there are options. Find out what your new company offers in terms of relocation packages. These can range from paying for movers, helping with closing costs, to down payment coverage and more. Some companies even offer a Guaranteed Buy Out. This generous plan has the company buying your current home at appraisal value if it does not sell quickly. Again, talk to your new employer what options are available to you as you may be able to get more help than you realize!

 

We are excited for you to be joining us in the beautiful Whittier, La Habra, and La Habra Heights area. Contact us today for a Free Relocation Package and with any additional questions you might have. We cannot wait to help you find your dream home. Give us a call today or visit our website at http://www.whittierhomes.com/.