How does changing jobs affect mortgage rates?

Question

job history in determining home equity

job history in determing mortgage rates

Answer 1

I do not have a mortgage so i cannot say.

Answer 2

In home equity - as in how much you can finance?

Sorry - nothing exact - just what I've seen, heard, and done.

Job changes within your field, for more money, or opportunities are generally good - depending on what are norms for your area of expertise - and if not done too often.  Job changes every few years are OK.

Or every year for a couple in a row - if you're settling in and finding higher or equal paying jobs.  If it's equal pay, try to stay long enough to get a raise.

Jobs lasting less than a year and/or jobs not lasting more than two+ years (at least once in a while) is bad, as is no

increase in salary with a job change after the first year.

I'd say about a 10% raise is worth the change.  Less if it's been a while and you're bored or there is no room for advancement at that location.

No salary changes at same company for > 3 years may indicate lack of something - unless it's industry-wide, or company wide and you really like it there or have been there a while and are hanging in there for the benefits.

As long as you've held down some sort of job - with no gaps - for the past 3-5 years or so, it should not affect mortgage rates.

Job gaps are the killers. You gotta cover those!

Otherwise, assumption is you got fired and had to find another job.

If mass layoff - well, that happends.  Save documents.

Try not to exceed 6 weeks picking up something else - even a temp job (which can often turn into a permanent one if you're good).

Exceptions to the above, changing jobs due to spouse getting a better job - may need explaining, but that happens more these days.

I didn't stay anywhere more than 6 years. Always > 1

and shortest 2 or 3.

Once you're out of college or have established yourself in a field, old high school jobs & college jobs don't count much anymore...