Financing in Tampa>Question Details

Dreams, Home Buyer in 27513

Can my mortgage get cancelled if I leave my current job that qualified me for that mortgage, but I am still making my payments on time?

Asked by Dreams, 27513 Mon May 9, 2011

I want to start my own business and need to leave my current job but I do have the funds to pay my mortgage every month.

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Sounds like you already own your home. In that case, you can change jobs all you want. Your mortgage is concern with the payments being made on time, and if that continues to happen there will not be any issues.

If you are about to purchase a home, do NOT change jobs until after the closing has happened. If you do your mortgage will very likely be denied.

Tony Vega
Charles Rutenberg Realty
2 votes Thank Flag Link Mon May 9, 2011
No - the only thing that will cause any issues is if you stop paying your mortgage. Now since you are planning to start your own business and separating from your employment because of a lay off then you may want to discuss with your mortgage lender about doing a modification. Good-luck with your new business.
2 votes Thank Flag Link Mon May 9, 2011
Hello,
If you have not closed yet, then yes. You have to show steady income. Your employment will and can be verified even up to the moment you are signing your closing documents or after if the monies have not been transferred and released yet.

Chris Suarez
Suarez Home & Finance Corp.
352-754-6191
2 votes Thank Flag Link Mon May 9, 2011
Dreams,
You are safe with your mortgage as long as you are making your payments on time. People change jobs all the time, that is one of the reasons it is so difficult to get a mortgage today. But once you get the mortgage you are safe as long as you continue to make the regular payments. If you begin to struggle and fall behind on the payments you will then want to contact your lender immediately to see if they can work out some changes for you. Otherwise you are good.
Good luck with the new business!
Sincerely,
Kevin Reeves
1 vote Thank Flag Link Mon May 9, 2011
Hi Dreams

As the others have stated, if you've already closed and are making payments then there's nothing the lender would do.

It sounds like you've set aside money and have some plans laid out. Going out on your own can have unexpected expenses and delay so make sure you have enough funds to cover everything until you are up and running.

Just be sure to keep your mortgage payments current, and good luck with your new business!
1 vote Thank Flag Link Mon May 9, 2011
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