Happy October, everyone! We just wanted to share with you an interesting story that we heard recently. It’s sort of a cautionary tale about refinancing while switching career paths.
Recently, our former Federal Reserve chairman, Ben Bernanke, was denied refinancing for a new mortgage. Why? Well, Bernanke is now retired from the Federal Reserve, using his time now to be a speaker and author. Because of this career shift, lenders determined that he had no job stability, and therefore could no longer qualify for refinancing. Hopefully they will loosen up these standards soon to help out home buyers.
The moral of this story is: If you’re thinking about buying a house and changing job fields at the same time, reach out to us and give us a call so we can run everything by our lender. Sometimes, but not always, when you switch job fields, you have to wait a while to buy another home because you have to gain some experience and tenure in your new field.
We thought this would be an important story to share with you, and we hope you are enjoying your October. If you have any questions, please give us a call! We’d be glad to help!