# Mortgage Renewal when starting a new job



## csuderman (Jan 21, 2015)

Hi everyone,

I'm just about to start the interview process with a new employer in a week and just realized that if something was to work out with them, that I would be starting a brand new job with a brand new employer just as my mortgage comes up for renewal. Just to be clear, I would still be in the same city and working in the same field, but it would be a larger salary too. 

Does anyone know if starting a new job while I'm in the mortgage renewal process cause a problem with the renewal in this case??


Thanks,

Colin


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## Just a Guy (Mar 27, 2012)

Most of the time a bank sends out the renewal papers in the mail...no credit checks or qualifying...

You're still better off going into the bank, as you'll get a better deal usually, but again no credit checks or qualifying.

The only time I've heard of qualifying for a renewal is if you had problems with your previous mortgage (like missing payments) or there was a major value change (like a market correction).


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## MRT (Apr 8, 2013)

Just a Guy is right - lenders almost never re-adjudicate a deal upon renewal. It is FAR too costly. If you have paid your current mortgage as agreed, all you will need to do is sign/date a renewal offer.

This doesn't mean you can't negotiate, but be aware that if you leave and go elsewhere, you will almost certainly be fully re-qualified. Having said that, most lenders just want to see a history of employment/income, and that any applicable probationary period has expired...this would be particularly true for you, given that you say you are remaining in the same field and will earn a higher salary.

so in the unlikely event that your current lender offers a horrible renewal rate and won't negotiate, you could renew into any fully open term (regardless of the rate), then move the mortgage elsewhere (without penalty) once your probationary period is up with your new employer.


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