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Question
Fired in the middle of a Mortgage Application - does it mean I've no chance being approved/getting a mortgage
I was fired 3 days ago from a place I worked for in the past 8 years and applied for a mortgage 4 days ago based on my salary etc. In the meeting with the banker we agreed that I will inform him when my offer to purchase a property is accepted . (so I still need to meet him or provide him with the document). What do I do about the fact I was fired a day after our meeting? tell the banker and just forget about the mortgage or is there another way to explain the situation later if they ask if they find out. Unfortunately, regardless of what I do, I think there is a good chance the banker will call the employer to confirm my employment status. My location is Toronto, Canada. It's an investment property so as oppose to a regular purchase, building a strong relationship with the banker is critical for success. THANKS. THANK YOU EVERYONE FOR THE EXCELLENT COMMENTS!
5 months ago - 4 answers
Best Answer
Chosen by Asker
Tell the banker what happened now. You are correct that prior to closing they will call the employer for a verification of employment and when they say you aren't working there anymore the deal will be dead. it's better to let them know now before any costs start to accrue that you will be responsible for. Once you find a new employer, hopefully in the same field then start the process again. At this time no lender will provide a mortgage to someone that is unemployed.
Source(s)
mortgage broker
by lepr0kan
5 months ago
Asker's Rating: 
Other Answers
You need to talk to the bank. Part of building a strong relationship is honesty and trust. If it is a good investment in that it will pay the loan regardless of your employment status, it may still be approved. This is a guess on my part.
by hamrrfan- 5 months ago
The banks will not add future income in the loan process. With no income there is no way they will be approving your loan. You will not be able to provide proof of income and trying to cover it up would be fraudulent.
by Landlord- 5 months ago
Reality check time here. Can you pay the mortgage payments without a regular paycheck? Even if you think you will be able to get another job quick, it is not a guarantee and you would be taking a huge risk. If something happens, God forbid, and it takes a while for you to get another job, you could loose your house, ruin your credit and mess up your chances to buy another house for seven to ten years. Reason would dictate that you put the closing on hold. You might tell the mortgage company why or you could try to just say "Something personal came up and I need to put it on hold for a while." If they ask what, you stress that it is "personal." Just don't let your emotional side overpower your logical side. Buying a house is a hugely passionate part of a person's life and many a new home-buyer has bought years of stress and money troubles because they fell in love with a house. Just like in the boy-girl kind of love, when we fall in love, reason flies out the window.
by Stan M- 5 months ago