In today’s blog post we are going to discuss Relocating for a new job. Congrats! You just received a job offer in North Iowa! It is time to move! Starting a new job and finding a new home at the same time can be a difficult process. Loan approval is dependent on proof that you can afford the mortgage. Your income and employment history are the best indicators of what you can afford. Although this can be a stressful time, it is possible to do both at once! Here is some important information to know about relocating.
What should I know before getting a mortgage?
Promotions are positive financial moves. If you are earning better pay or benefits or moving to a similar position at a new job, you should be able to Obtain a Mortgage with no problem. Be prepared to share your offer letter, with salary confirmation, to your lender. They will need to verify that you have been in the position for at least 30 days to determine what you can afford for the mortgage. It is important to note that if your position is commissioned based, these earnings are often excluded from loan amounts as they are difficult to prove in a new role.
How do I obtain a mortgage with new employment?
As long as your new position makes financial sense, obtaining a mortgage should not be difficult. The lender will want to see your employment history. Frequent job changes or large gaps in employment can be red flags for lenders. Have all of your past employment information available for your lender.
How can I get a home loan when relocating?
It is always in your best interest to secure your living arrangement before you move. Consider renting in the new location for at least 30 days in order to provide the lender with time to verify your new position. This gives you time to provide your first pay stub as well as get to know the community you are living in to find the perfect neighborhood for you. However, if you are not interested in renting, you can take the plunge into home ownership right away. Recognize that buying a new home and selling your old home takes time. Determine whether you can afford two mortgages at once in the case your old home does not sell right away. Find out what you can afford by using our Home Loan Finder tool.
What are Relocation Packages?
Many companies can help with your relocation process. They can offer a wide variety of options. These range from covering moving costs to assisting with down payments or closing costs to Guaranteed Buy Outs (when the company purchases your old home at its appraised value when it doesn't sell within a particular timeframe) or more. Find out what your new company offers to see what sort of assistance they might be able to provide. Any relocation package can significantly help you obtain a mortgage in your new location.
We hope this blog gave you a some helpful insights into relocation. However, we realize that you might still have some more questions. For more Home Buying Tips, give our experienced Team a call, visit our website, or check out our Facebook Page. We are here to help if you're considering Buying, Selling, or Investing in Real Estate in the North Iowa. Contact us today at 641-425-4900 or http://www.janefischer.com/.