Nothing steams the people involved in a mortgage transaction more than when something avoidable happens to ruin the deal. Notice I said avoidable, as sometimes things do happen in a mortgage transaction that make the whole deal just not work.
I recently had a client that signed a contract to buy a home and 4 weeks from closing decided that the job that they had wasn't worth it. Unfortunately, this person had worked there a long time and was relying on this income to qualify for the loan. Needless to say the realtor on this case was not happy.
What made this case worse was the fact that this client had been warned about quitting a job prior to close. Now the sellers do not have a ligitimate buyer, the realtor does not have a sale, we don't have a loan to do, and the buyer will not get the home.
The lesson you should take from this is that what affects you financially WILL affect your ability to purchase a home. If you are thinking about leaving a job, it would be better for everyone that would be involved if you decide that question before you sign a contract on a home.
Your comments are always welcome!
Brought to you by Professional Mortgage Group, Inc. in Columbia, Missouri.
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