Switching jobs before applying for a mortgage info

A place to discuss anything... except credit cards!
18 posts
rockyrock
Centurion Member
Centurion Member
 
Posts: 895
Joined: Thu Mar 21, 2013 6:06 am
Location: Ventura, CA

Postby rockyrock » Sat Mar 15, 2014 8:29 am

JoDa wrote:My (semi-professional) opinion, it shouldn't matter much so long as you don't change *fields,* get at least 2 paychecks from your new employer before you buy, don't take short-term contract or temporary work, and your income remains stable or goes up. Sure, sure, they'd love if you were in the same job forever, but, um, sometimes people have to (okay, want to) buy places because they're relocating for a job, and if they turned all those people down it would be a major hurt for them. If all your other specs are good (income, down payment, debt, and credit score), if one turned you down for changing jobs within a few months of purchasing, I'd just move on to the next...



+1

When I applied for my mortgage years back the loan officer told me the most important thing is you are in the same industry. I was only in my current job for six months at the time but in the field for 10+ years. It's stability they are looking for; changing jobs is normal and not considered high risk. Changing careers is associated with uncertainty and puts you in a higher risk cat.

Now if you have five jobs in three years that may be a different story...

Good luck on your search.
Sapphire Reserve: travel & dining
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else


MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Sat Mar 15, 2014 9:16 am

If they are looking for stability, they might as well not loan. Let's face it - no one today has any job security. This isn't the 50s where if you did a great job and were loyal you could retire from the place, this is an era where no matter what you do you can look forward to being stuck in a job that's crap with no wage growth, no security no chance for advancement and you are one of the "lucky" ones who even has a job, because management would just as soon send your job to India, China, Vietnam or whatever slave wage hellhole offers labor the cheapest at the moment.


So if they want that, good luck finding anyone who qualifies. The pool isn't big.

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1219
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Postby Vattené » Mon Mar 17, 2014 11:59 am

MemberSince99 wrote:Thanks it sounds like you are going through exactly the same thing. Yeah it's not pretty here in Wisconsin, I don't care what the media says about things being so much better, they obviously haven't looked for a job here.


There is a very simple way to judge how the employment market in an area REALLY is - apply for a few positions. The arrogance level and the demands of the potential master I mean employer will tell you right away how things really are. I find that a lot more useful than listening to the media fawn and cheerlead.


So, honestly I don't know if I'll even find anything. And you know the seriously scary part of that is what if I lose this job what the hell do you do then? It's not likely to happen anytime soon (though some days part of me wishes it would) but it is a sobering thought.


I keep hearing about some "recovery" but that never happened in Wisconsin and I'm sure a few other Midwestern states as well, we have no clue what they are going on about.


I agree. I just interviewed for a degree-required job that will pay significantly less than what I earned working at a certain fast food chain (a corporation practically synonymous with low wages). Granted, I put quite a few years in (at least by said fast food chain's standards) through high school and, after moving locations, college, and I made my way up to manager, but seriously? You are going to trust a significant aspect of your business with someone, require a higher education level and skill set, AND pay them less than completely unskilled labor? Employers can be cocky now (and probably for the foreseeable future, too) because people are desperate. But don't expect any loyalty. They have to realize they will get what they pay for, right?

What am I saying? At said fast food chain I couldn't count how many times the higher-ups would try to squeeze every last cent out of their people and their company with no regard to quality or trade-offs or any other nuance. Everything must be sacrificed at the alter of the bottom line. Corporate American culture has entered some scary, unsustainable territory.

And the recovery? Oh, it happened. Business is great! The financial crisis allowed the system to funnel all the gains straight to the top.
:rant:
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Mar 17, 2014 1:07 pm

Vattené wrote:I agree. I just interviewed for a degree-required job that will pay significantly less than what I earned working at a certain fast food chain (a corporation practically synonymous with low wages). Granted, I put quite a few years in (at least by said fast food chain's standards) through high school and, after moving locations, college, and I made my way up to manager, but seriously? You are going to trust a significant aspect of your business with someone, require a higher education level and skill set, AND pay them less than completely unskilled labor? Employers can be cocky now (and probably for the foreseeable future, too) because people are desperate. But don't expect any loyalty. They have to realize they will get what they pay for, right?

What am I saying? At said fast food chain I couldn't count how many times the higher-ups would try to squeeze every last cent out of their people and their company with no regard to quality or trade-offs or any other nuance. Everything must be sacrificed at the alter of the bottom line. Corporate American culture has entered some scary, unsustainable territory.

And the recovery? Oh, it happened. Business is great! The financial crisis allowed the system to funnel all the gains straight to the top.
:rant:




Yep they have to dance to Wall St's tune. And that tune is short term profits for investors, period. Nothing else matters.


I'm not surprised that company did that. I had a job, and a year ago interviewed at a company and the guy spent most of our hour of fun together trying to beat me down in price. But the thing is, I already have a job that pays me X, why would I leave that to go to your company so you can pay me X / 2? Does that make any sense? Are you going to cut your prices in half to your customers just to be a nice guy? I'd think not. I mean isn't this stuff obvious? I think they just get in arrogance mode and that's all they know after a while, and frankly if you don't want to take a job for half your current salary they don't care, they have 50 other people who are desperate who will jump all over it.


And I understand that, but why would I, me the dude sitting in your office right now? And you know the funny part (or not so funny) I made SURE to tell this guy EXACTLY what salary I currently made so that if it was out of what he's looking to pay, we weren't wasting our time. Shows what good it does to try to do that. I thought about that on the way home, like why did he waste an hour of my life if he's not looking to pay that, but it's just one of those things in life you will never know so no point wasting time trying to find a logical answer to that.


I see the US becoming third world within the next 30 years. My gut tells me we will have to become a totalitarian police state to maintain order with the certain unrest that will ensue. I expect to see more wars, both because business profits from it and fascists need external enemies to focus the people's anger on for all their problems. According to the Federal government even now over half of Americans live below the poverty line - that is only going to increase. I don't see a future here that is a whole lot brighter than most of our politicians. I don't hold out hopes of the communist Chinese being much better of a world leader than we've been, but that's probably how it will be given time. I'm personally giving serious thought to leaving the US when I get old.

linuxmachine
Centurion Member
Centurion Member
 
Posts: 309
Joined: Thu Feb 27, 2014 11:10 pm
Location: los angeles

Postby linuxmachine » Mon Mar 17, 2014 1:11 pm

MemberSince99 wrote:If they are looking for stability, they might as well not loan. Let's face it - no one today has any job security. This isn't the 50s where if you did a great job and were loyal you could retire from the place, this is an era where no matter what you do you can look forward to being stuck in a job that's crap with no wage growth, no security no chance for advancement and you are one of the "lucky" ones who even has a job, because management would just as soon send your job to India, China, Vietnam or whatever slave wage hellhole offers labor the cheapest at the moment.


So if they want that, good luck finding anyone who qualifies. The pool isn't big.


I thought you were in IT/Software? Arguably one of the most secure industries as long as you're competent at what you do, even if you were let go during layoffs. There are 10 others waiting to pick you up. Plus, in terms of software, a lot of companies are realizing it's not worth the cost savings to get crappy code back from outsourcing. Most top tech firms just pay for quality talent locally.

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1219
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Postby Vattené » Mon Mar 17, 2014 1:30 pm

MemberSince99 wrote:Yep they have to dance to Wall St's tune. And that tune is short term profits for investors, period. Nothing else matters.


I'm not surprised that company did that. I had a job, and a year ago interviewed at a company and the guy spent most of our hour of fun together trying to beat me down in price. But the thing is, I already have a job that pays me X, why would I leave that to go to your company so you can pay me X / 2? Does that make any sense? Are you going to cut your prices in half to your customers just to be a nice guy? I'd think not. I mean isn't this stuff obvious? I think they just get in arrogance mode and that's all they know after a while, and frankly if you don't want to take a job for half your current salary they don't care, they have 50 other people who are desperate who will jump all over it.


And I understand that, but why would I, me the dude sitting in your office right now? And you know the funny part (or not so funny) I made SURE to tell this guy EXACTLY what salary I currently made so that if it was out of what he's looking to pay, we weren't wasting our time. Shows what good it does to try to do that. [color="blue"]I thought about that on the way home, like why did he waste an hour of my life if he's not looking to pay that, but it's just one of those things in life you will never know so no point wasting time trying to find a logical answer to that.[/color]


I see the US becoming third world within the next 30 years. My gut tells me we will have to become a totalitarian police state to maintain order with the certain unrest that will ensue. I expect to see more wars, both because business profits from it and fascists need external enemies to focus the people's anger on for all their problems. According to the Federal government even now over half of Americans live below the poverty line - that is only going to increase. I don't see a future here that is a whole lot brighter than most of our politicians. I don't hold out hopes of the communist Chinese being much better of a world leader than we've been, but that's probably how it will be given time. I'm personally giving serious thought to leaving the US when I get old.


I guess it goes to show you how valuable their time really is. Of course if he was reasonable and serious, and thought he couldn't compete with what you currently earn, he would either try to convince you his company is a better place to work or just want to move on to the next candidate. How important can their job really be if they can dick around and play power games that stroke their ego?

Reminds me of a guy at my previous employer who was also a politician. He is somehow in charge of personnel (I forget his euphemistic job title...Chief People Officer or something like that). I have no idea what he spends his time actually doing, but I doubt it could be that vital to the company if he can also be on the state legislature. The only time he ever showed his face in my store was while campaigning for reelection. No exaggeration...he walks through asking employees if they are going to vote for him while handing out employee appreciation cards. My wife works at a store closer to the company's office. So he was in there more and he saw me repeatedly. Never once recognized me. It wouldn't bother me one bit - it's not like he works there regularly - if he didn't also brag loudly to everyone within earshot how much he cares about and reinvests in the company's people. But he's buddies with the owner (who I've also only seen in my store once), so there's his job security.

There I go again, derailing, though. Good luck finding a new job or at least finding the strength to make it through your current one.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Mar 17, 2014 2:07 pm

linuxmachine wrote:I thought you were in IT/Software? Arguably one of the most secure industries as long as you're competent at what you do, even if you were let go during layoffs. There are 10 others waiting to pick you up. Plus, in terms of software, a lot of companies are realizing it's not worth the cost savings to get crappy code back from outsourcing. Most top tech firms just pay for quality talent locally.




I am. My current title at this place is ".NET Software Engineer". I'm a programmer, engineer, not so much really though that's part of it. I would not truly call it engineering but I can see why they might look at it that way. When you've been doing it for going on 16 years, the process is just obvious and you don't really think about it.


Not really not in this area. I'm sure there are areas of the country where that is true. Here it's nowhere near that. I have seen companies learn that lesson the hard way (cheap offshored code). I've also worked for a company that told me I was not allowed to develop because I was not hired as corporate IT but local IT and tried to turn me into an administrative assistant. When I realized they were serious, I immediately started looking for a new job and found one about a month later. I heard after I left that corporate IT then had been coming around looking for me, thinking they were going to add me to the programming staff but I was gone. They never told me that not even when I gave notice. Talk about screwed up. I'm glad I'm out of there honestly.

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Mar 17, 2014 2:08 pm

That politician guy sounds typical. Anyone who is looking to get downsized should answer "Hell no I'm not voting for you, you're too big an idiot to run this place let alone the state". IF I had another job lined up I'd try that one for laughs.



Return to “The Lounge”

Who is online

Users browsing this forum: No registered users and 3 guests