I’ve written before giving The Top 10 things NOT to do while in escrow but obviously I need to spell it out once again because someone didn’t read the list. The top thing not to do while in escrow is to change jobs. That is the #1 No-No on the Top Ten List! What will happen? Hum, where shall I begin?
1. The lender will get very angry at you and will make you start the entire application process over again.
2. The seller of the house you’re trying to buy could tell you to take a walk and you could lose your deposit up to the full 3% you have down,
3. The length of the escrow will double at a minimum.
4. Your credit rating could tumble.
5. The loan you thought you were going to get might have vanished.
6. The interest rate on the new loan, assuming you now qualify for one, will no doublt be different.
7. You might not be able to afford the house any longer.
8. The lender you had may no longer be around
All of this is serious business when you’re buying a home. Do not make changes in employment during an escrow. If you must change your job do it after you close escrow. Suck it up and wait those few extra weeks. Your new employer should understand and hold that job for you and if they don’t, is that someone you really want to work for anyway?