Michael Creed's Blog

My Story-

As you may know, I am computer geek at heart but I didn’t realize it until I had already finished up my degrees in Finance and International Business and started working in the Mortgage Business.  So, now, I use my hobby to help me build things like the website you are currently visiting and my personal website for my family (which is very new). 

My most recent computer project involved tweaking the home page of MichaelCreedMortgages.com to make it less wordy.  As you may recall, it was über-wordy. To fix this, I wanted to take the headings and make the page load in a collapsed form so that readers would only have to read items that they wanted to.  If you go to the site, you will see that my work, which started last night and ended this morning, was successful; I managed to figure out the Java-scripting (with only about three minutes of help from a very good friend of mine who is a Senior Programmer for Pronto Progress in Milwaukee, WI) to make it work the way I wanted.  Check it out when you get a chance by clicking on one of the headings in the main body of the page.

Anyway, whenever I accomplish something like this, I find myself questioning why I am doing mortgages for a living and not learning how to do websites and such. That got me thinking, “What would happen if I changed jobs?”  Don’t worry, I have no plans to change careers because I also really enjoy helping good people get good mortgages – all I did with that thought-provoking question was create this blog post about what happens when you change careers and then have a need to get a mortgage? 

My Point-

I wrote about this topic in two other posts on this site but they were much more detailed than I will get into here.  The first post talked about those that receive income that falls into the categories of Salary, Hourly, Bonus, & Overtime.  The second post discussed those that have income that falls into the categories of Commission, Self-Employment & Part-Time.

Here’s the summary version:

-          If you change careers (not jobs, but careers) and your new career comes packed with a salary, you should have no troubles getting a mortgage as long as you and I are able to show that there was a logical progression from one line of work to the other.  For instance, let’s say you were an educated Operations Manager at ABC Food Processing Company while you took night classes to earn your MBA.  After completion of the MBA, you landed the opportunity of a lifetime to be Executive Director of Sales for XYZ Financial Services Company.  That’s a career change for sure! And it is a logical change because you finished school for that type of work and – most likely – increased your income level too.  If your change is the other way around, you may have issues.

-          If your career change goes from a salaried or hourly position to a position of self-employment, be prepared to stay in business for two years before obtaining a new mortgage because you will have to prove that you can sustain your business for two years before you will get approved for a home loan.

-          If you move from a position in the first- or second-post categories to a position that fits in the first-post categories, you should be able to qualify for a mortgage without trouble.  If you move to the second-post categories, particularly from the first-post categories, you will need to show that you can sustain yourself before you can get approved for a home loan.

-          If you are already a second-post income earner, and you want to change to another second-post type of income, you will still need to wait two years from the change in careers to prove that you are able to sustain yourself in your new line of work.

Not sure where you fall?  Email me (or call 800-627-1925 x1923) and we can talk.