I own a house and have a smallish mortgage, but want to sell and move to another location not in the same city. I have been preapproved for another mortgage. Currently I have a good paying job hence the mortgage approval, but if I move out of town, I will obviously have to leave my job and get another one in the new location. Is there a bank that would allow me to put an offer in on a house in another location, subject to the sale of my property, even though I do not have employment in new location? I could possibly as a last resort sell mine first and then move to a rental until I find another place to buy in the new location, but very worried I would lose the preapproval if not immediately employed. I did do this a couple of years ago but I think banks have tightened up. Any insight appreciated.

lizzieanna - 2021-02-08 13:51:00

Well... can you buy another house while still working and living in the one you have? Then sell the one you have to cover hopefully all if not most of your new house purchase, and then leave your job as you move to the new house?
Once you sell, but before takeover you can hunt out a new job, although if you got more than the new one cost you may be able to just leave and see what turns up.

Edited by bryalea at 2:06 pm, Mon 8 Feb

bryalea - 2021-02-08 14:06:00

Trouble is, I do not think a bank will let me buy out of the current area as they will want to know how I plan to furnish the mortgage. I do not have enough equity to buy / have two houses, a new buy would have to be subject to the sale of my current house. I don't plan to have a very big mortgage, but I still think banks would not be happy to know I did not have work, even though I know U would still be able to repay mortgage.

lizzieanna - 2021-02-08 14:13:00

Yes you can do that subject to selling your other house.

msigg - 2021-02-08 14:31:00

Yes of course you can do this, but you do need to fully disclose to the bank you intend to give up your employment. To not do so could be considered fraud.

Edited by sparkychap at 2:40 pm, Mon 8 Feb

sparkychap - 2021-02-08 14:34:00

Talk to a mortgage broker.

tony9 - 2021-02-08 14:36:00

The member deleted this message.

ash4561 - 2021-02-08 21:55:00

IMO usually good to sell then rent for a while in a new location. In a hot market, like now, new listings get snapped up quickly and sellers can find themselves with cash and pressure to buy in a hurry. Not a place from which to make good decisions.

artemis - 2021-02-09 06:10:00

tony9 wrote:

Talk to a mortgage broker.

Sound advice

jeffqv - 2021-02-09 19:43:00