‘Is refinancing my home loan a possibility if I am starting a new job?’ A question we have all seen so many times on Quora. Starting a new job is an exciting new step, better benefits, different work, and so on. But is this gonna close the door on refinancing of your home loan that you have been considering? The good news is it isn’t necessary. Mortgage lenders definitely look for stable income, but a job change might not mean that, and you can still refinance.
What Mortgage Lenders Look At
Mortgage lenders assess applications based on your ability to repay the loan. The main factors they review are:
Same Domain
Is your new job in the same domain or a related one? This helps lenders understand how well you can perform in your job and earn.
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Salary Level
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Read moreIs your new salary in the same range, higher, or lower than the previous one?
Employment Gap
Was there any significant employment gap? If yes, be ready with your answers.
Documentation
Do you have an official offer letter and pay slips? Keep them handy.
Wrapping Up
A strong credit score, savings, and a better new salary can help your case. A job switch can still be a good thing for refinancing.
