DO NOT QUIT YOUR JOB IN THE BEGINNING OR MIDDLE OF THE MORTGAGE PROCESS. Bottom line, you need a job to close on your mortgage. Unless you are living on (and showing on your tax returns) investment income, it is really important to have a job in order to get a mortgage. Recently, I heard these stories:
- investment banker quits job and starts a dot com, THEN applies for a mortgage. No can do.
- bank needs to do a verification of employment within 3 days of closing. Borrower quit before job verification was done.
Banks rely on borrowers maintaining their current income in order to lend. Don't try to outfox them. It will not work. Keep working.
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