Things to Prepare For In Case You Make The Change
Getting a new job straight after buying a house is one of those decisions that very much depends on your individual circumstances. Of course, sensible reasons do exist for switching jobs soon after buying a home. If your old job is very far away from your new address it would make sense to seek a similar job, or even an improvement closer to your new address. If you're being forced to change jobs, need to change jobs for a sense of well-being, or even retention of your sanity seems to point in favor of securing a new job, then there are a few common sense tips to minimize the risks involved in changing jobs after buying a house.
The most obvious of these is not to storm into your boss’s office and announce that you will be seeking greener pastures before you have secured your new job. If you quit your job, remember that you are not as eligible for even the miserly unemployment benefits currently available. Of course, once you have your start date with your new employer and the ink on the contract has dried, then by all means feel free to storm out and take a breather for a few days.
Even when taking the sensible precaution of securing a replacement job, there are still some precautions that should be taken. Securing a new job provides no guarantee of keeping it. If you work in an industry with systemically high turnover rates such as sales, you may find yourself washing out of your new job before you have even accumulated any unemployment benefits through it! It is therefore a sensible precaution to stockpile at least four months worth of mortgage payments in your bank account before switching jobs just in case your plan blows up in your face. There are many ways to cut down on expenses to help you save up this rainy day fund.
Another wise move would be to check with your bank or lender of choice how many months of employment verification they will need to approve you for a loan. This is important because in case you find yourself in a climate of record-low interest rates next year and you are unable to get a lower-interest mortgage because they require 36 months worth of pay stubs!