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Mortgage question

Allycat11Allycat11 member
in Stay at Home Moms
When you get pre-approved for a home loan do they check your financial information again when you actually have an offer in on a house, or just at the time of pre-approval?

Long story short, we are 3 weeks away from meeting with our loan officer to do a pre-approval and DH was just approached with a really good job opportunity.  Unfortunately, as first time home buyers there are a few grants we qualify for but he needs to have been at his current job for at least a year.
11/2010 Diagnosed with PCOS 
10/31/11 M/C at 9 weeks
1/12/13 DD was born
4/9/16 DS was born 
9/17 CP 
6/23/18 BFP EDD 3/4/19 

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Re: Mortgage question

  • jillyjill1026srjillyjill1026sr member
    We were only checked at the time of pre-approval, if I remember correctly. For our mortgage, we had to at least be in the same industry for a year, whether it was the same employer or not. Can you ask your loan officer?
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  • Allycat11Allycat11 member
    jillyjill1026sr said:
    We were only checked at the time of pre-approval, if I remember correctly. For our mortgage, we had to at least be in the same industry for a year, whether it was the same employer or not. Can you ask your loan officer?
    I left her a message to call me.  I'm just impatient and I am hoping to find out what the norm is.  
    11/2010 Diagnosed with PCOS 
    10/31/11 M/C at 9 weeks
    1/12/13 DD was born
    4/9/16 DS was born 
    9/17 CP 
    6/23/18 BFP EDD 3/4/19 

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  • Hollylb3Hollylb3 member
    I think it varies by bank. I've had it go both ways.
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    Diagnosed PCOS '03, TTC #1 Since March '09
    BFP - 10/20/10, M/C - 10/29/10
    June 2011 - 50mg Clomid = No O
    Dieted and exercised my butt off for PCOS = BFP 5/7/2012
    Due 12/29/2012
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  • dizzycooksdizzycooks member
    They checked ours again and we were warned not to make any large purchases after we received our preapproval.  Even paying in cash would show up as a deduction from our checking/savings and that could be considered a flag.  I don't know if every bank checks employment again, but you could ask.
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  • Katie829Katie829 member
    Ours was very strict. I was leaving my job in Sept 2009 to go somewhere else. Our close was set for Oct 2009 and I had to stay part time to be in the system at my previous job at the time of the closing.
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  • Allycat11Allycat11 member
    Thanks for the input.  I figured they would check before closing but I will double check with our loan officer.  
    11/2010 Diagnosed with PCOS 
    10/31/11 M/C at 9 weeks
    1/12/13 DD was born
    4/9/16 DS was born 
    9/17 CP 
    6/23/18 BFP EDD 3/4/19 

    Report Reply
  • PaMommy02PaMommy02 member
    Preapproval is basically just quick checks. It's not until the actual underwriting process starts that they check everything. Once your offer gets approved the underwriting process starts and that's when they go through all of your finances with a fine tooth comb. The underwriting process was the most stressful I think of everything. Good luck
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  • ASullivan1231ASullivan1231 member
    Ours was checked again the day before our closing. You are smart to ask directly.
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  • notreallyirishnotreallyirish member
    We were moving out of state and DH was changing jobs when we bought this house. The rate we got was a special deal for employees of the new hospital. DH wasn't going to start until a month after closing. We worked it out with the bank so they would accept a signed copy of DHs new employment contract. Well, in addition to all the other normal stuff. I'm not sure if they checked our credit more than once or not, though, but they were willing to work with us on the job issue.
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