Updated about 3 years ago on . Most recent reply
Putting in Two Weeks While Under Contract
Hello. I am wanting to purchase another property with a second home loan but shortly after getting the property I would like to quit my W2 to pursue real estate full time. Lets say I get under contract, closing is May 1st. If I put in my two weeks a week before closing when they call and verify employment will that be an issue? Or is it illegal for me to not disclose to the lender that I put in my two weeks?
Most Popular Reply
#4 Investor Mindset Contributor
- Lender
- Tampa, FL
Noooooo! Wait! Don't do it! My qualifications for saying that...I've been a lender for 32 years. Right before closing, it is customary to call your employer to verifiy that you're still employed. If they get wind that you are quitting or changing jobs, it will likely kill your deal. I'm begging you...wait until you close to make that change. Regarding "is it legal to not disclose it to your lender"? Yes, it's mortgage fraud. I hope this didn't come across as a scolding. Forgive me if it did, but please wait to give notice.