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Will Changing your Job Hurt your Mortgage Chances?

March 02, 2015 | Posted by Nathan Zacharias | Tagged in

You may have been offered a new employment opportunity that you simply cannot pass up. In order to accept this position, you’ll have to leave your current job. This is great news for you, but it may not be great news for your impending mortgage.

New Jobs and Mortgages

If you’re in the market for a mortgage, it’s wise to stay with your current employer until you’ve secured financing for your home. Nevertheless, it’s not unheard of to be approved for a mortgage, even if you have changed your job, or will be changing your job.

In Alberta, much like the majority of Canadian provinces, there’s a three-month probationary period associated with all new jobs. When you begin your new job, you will need to request an employment letter from your employer that confirms they are employing you.

In some cases, the employer may wave the three-month probationary period within the company even though the Alberta laws remain in tact. . If your employer is waving the trial stage, you should seek this in writing as well because most lenders are reluctant to provide financing until the provisional time frame has ended because they deem it a risk.

However, if you’re starting a new position with the same company you’re already employed by, you should face no obstacles in obtaining a mortgage. Furthermore, if you’ve been gainfully employed in a certain field for a long time and are accepting a position with a different company, but are still remaining in your field, you should see no issues.

If you are a lawyer, doctor or engineer, it’s likely that you will work for several different companies throughout your career. This shouldn’t be a problem for your lender as you will not be switching industries, just employers.

Below are some factors that will negatively influence your chances of getting a mortgage:

  • If you have a gap in your employment history.
  • If you were let go from your current job and did not receive a severance package.
  • If your new job pays you significantly less than your previous one.
  • If you will be receiving straight commission at your new job instead of a set salary. Conversely, if you will be moving from a commissioned position to a salaried one, you may not encounter any problems from your lender.

If you are thinking of moving to a new company or changing professions entirely, it may be best to wait until your mortgage has been approved. By waiting, you are increasing your chances of receiving funding for your new home.