Exclusive: What you need to know about changing jobs before and after applying for a mortgage

It is common for people to apply for a mortgage loan after changing jobs, but they often overlook the potential impact this may have on their mortgage application. Here are some important things to keep in mind that may help you if you are considering applying for a mortgage loan.

First, if you change jobs before applying for a mortgage, the bank may require you to provide the new employer's contract and contact information to confirm your employment status. Therefore, it is advisable to understand the bank's requirements beforehand to avoid any delays in loan approval.

Additionally, if you have already been approved for a mortgage loan and then change jobs, do you need to notify the bank? The answer is yes. Even if you have already been approved, the bank will still conduct an employment check before disbursing the loan to confirm your employment status. If the bank discovers that you have changed jobs, they may require you to provide information about your new employer, which could potentially delay the loan disbursement.

For new property owners, the time between the application and the loan disbursement can be quite long, particularly during the construction period when there may be delays in completing the building. If the time between the check and the loan disbursement exceeds three months, the bank may need to review your latest salary slip to confirm your income status. If you have changed jobs, the bank may base their loan approval on your latest income, which could affect the loan approval.

Therefore, it is recommended that you understand the bank's requirements before applying for a mortgage loan and proactively inform them of any job changes. This can help ensure a smooth mortgage application process and avoid any delays in loan approval. If you are unsure about the bank's requirements, you can consult with their loan advisors who can provide you with the necessary information and guidance.

Finally, it is important to carefully consider your career plans and development direction before changing jobs. If you are sure that you want to change jobs, it is advisable to apply for a mortgage loan before doing so to avoid any impact on your application. If you have already changed jobs, don't worry, just make sure to understand the bank's requirements and proactively inform them of any changes to your employment status to ensure a smooth mortgage application process and achieve your dream of owning a home.

In summary, changing jobs can potentially impact your mortgage application, but by understanding the bank's requirements and proactively informing them of any changes to your employment status, you can ensure a smooth application process. We hope this information is helpful for those considering applying for a mortgage loan.