I am house hunting for an year now. I want to build a house near Yokohama area and I have been visiting few of the House makers to get an idea of their designs, price points etc. I haven’t applied for Loan yet. I have been working at my present company for almost 3 years as a Permanent employee. So, I think I have pretty good chance of getting a loan. However, due to some unavoidable reasons, I might have to switch jobs. I know it will impact my loan chances but I wanted to know
* How long will I have to wait at my current job before applying for loan?
* Will working as permanent job and earning a nice salary, having good credit history (never missed on credit card payments) help my chances?
* What are my alternatives options if I want to apply for a loan after 2-6 months of job change? -Are there any banks which will give me loan if I haven’t spend 2-3 years at present job?
by WriterFragrant6716
2 comments
If you have nearly 3 years of service, you can apply for a loan now.
The conventional wisdom is that it’s difficult to get a home loan soon after changing jobs, even if your salary went up, as banks put a lot of emphasis on stability of income. So if you want to buy a house I would plan to get one before changing jobs.
If you apply 2-6 months after changing jobs… I can’t say “no chance” because there are probably some places that would take you on for a lower amount and higher interest rate, but it would be detrimental.
I got approved for 100% my house value at both UFJ and auJibun less than one year after switching job, rate were under 0.3% at both. Another guy I know was planning to buy right after switching, but his agent advised him to wait at least 6 months, which he did and got an under 0.4% rate at Mizuho.