How To Get a Mortgage When Relocating With a New Career
This article will cover how to get a mortgage when relocating with a new career. I will discuss moving from New York to Nevada and starting a new job in a different industry. Do you have what it takes to make the decision that changes your life? Nobody truly knows until it is time to make the big call. I was not single. I was the only wage earner in my family.
When you relocate to a different state and want to buy a house before you start a new job, you can do so with conventional loans. Fannie Mae and Freddie Mac allow borrowers to get approved for a conventional loans with a job offer employment letter.
I have a lot of responsibilities. A wife and three kids. A new career decision without securing a job before planning on heading west. All my life, I was confident. With the addition of if there is a way, there is always a way, and I was ready to pull the trigger and head out to Nevada. I now know how to get a mortgage when relocating to out-of-state.
Preparing For The Start of My New Journey To Nevada
In the following paragraphs, I will detail my story of how I transitioned from having a solid career in auto sales to starting a brand new career as a licensed mortgage loan originator. The biggest challenge was leaving a called home all my life and moving some 2,800 away to a new place I did not know and starting life from scratch in a new place. I was excited yet uncertain, with a little insecurity and fear.
How To Get a Mortgage When Relocating Without a Job
Changing your life can take many different shapes. Be that changing your career, moving to a new place, or several other life-altering moves. I asked myself if I had what it takes to change my life. I had the task of selling two houses, selling one business, packing up my house with my family, and making it from New York to Nevada for my son to start college. You may ask what drives a family to make a decision such as this. This reflects on my decision and what can be learned from it.
Preparing on How To Get a Mortgage When Relocating to Another State Without Employment Secured
In the months before the decision to move, reality became clear that something had to change. My wife and I worked from 10:00-10:00 every single day in a pizzeria next to four-hundred-degree pizza ovens.
HUD, the parent of FHA, wants 30 days of paycheck stubs before closing on an FHA loan. Conventional loans will accept an offer employment letter and you do not have to give them 30 days of paycheck stubs.
My son joined us at work after he got out of school on the days he did not have practice. This was a difficult day-to-day life, and we knew we could do better. I had a prestigious background in sales that was being wasted on owning a restaurant that was performing mediocre at best.
How To Get a Mortgage When Relocating With Family
My son had remarkable grades in high school and was enrolled in a mediocre college. My son was just a few short months away from starting there. It didn’t feel very reassuring.
No matter what age you are, you cannot escape fear. I knew I had to be strong in starting a new life in Las Vegas, Nevada, make new friends, learn the town, make new friends with my neighbors, and last but not least, make sure I got a job with a solid company and strong co-workers who I have a lot of things in common with.
The potential for success in this family was evident, but we were trapped in the life we had. Except we were not trapped, one day, the idea hit me to start over again.
What Triggers Potential Termination
Nobody wants to be lied to. We all know it is the people that make a great team. On the flip side, one rotten person with a bad negative attitude can destroy any organization. In this section, I will talk about what triggered my move from New York to Nevada. I will touch on why Nevada was the choice for my family and me. I had goals of buying a home and starting my new career as an NMLS-licensed mortgage loan originator.
Why Relocate to Nevada?
The idea to move to Nevada was based on my mother and brother living there. Once I had realized a location, the logistics came next. My son was accepted into the University of Nevada Las Vegas, the pizzeria had a buyer, and the house was packed up.
The new job in a new career I got offered was 100% commission. Failure was not an option. I had to succeed, and at no cost would I not work twice as hard as anyone in the company.
Hard work pays off. Good support and faith from the boss and co-workers are important but I had to motivate myself and push myself to be the best of the very best. The all-or-nothing move to change our lives were set into motion, and there was no going back now.
Seeking a Secure Future For My Family and Me
Buying a home in Nevada is a priority. However, I need a job first. Through faith, I found Gustan Cho of Gustan Cho Associates Gustan guided me in the right way. I now know how to get a mortgage when relocating out of state. I decided to rent first, and once situated with a new job in a new career, I would learn again how to get a mortgage when relocating.
Even though getting the move done, tying up loose ends in New York, and getting my son accepted into UNLV are important, it means nothing if I could not make money out here, so what career path made me confident enough to move across the country with everything riding on it? Well, I knew the right career was in sales. With twenty years of experience in the automotive sales industry, sales was a surefire bet for success.
Why I Choose Being an NMLS Licensed Mortgage Loan Originator
Yet the car industry is inconsistent, the lack of inventory is higher than ever, and cars can be bought online now. So once I discovered the benefits of the mortgage industry, I knew that our “all or nothing” move was a guaranteed move for our collective success. It was a lucrative business, but I knew it would never get old.
The excitement of helping people achieve the dream of home ownership. And with different people and different houses, new challenges would arise, and no two days would be the same. And where better to do this than in Las Vegas, to work with the top-of-the-line professionals in the area and see the beautiful neighborhoods Las Vegas has to offer? This was the dream, and it was becoming a reality.
After living and working according to the previously mentioned plan for some time, I can confidently say that the all-or-nothing paid off. The industry has been kind to me, and I can recommend with confidence that anyone thinking about entering the real estate or mortgage industry should stop thinking about doing it and start doing it. I put myself and my family in the all-or-nothing move with mortgage loan origination as the backbone. And we collectively have no regrets.
How To Get a Mortgage When Relocating With a New Career as An MLO
Becoming a licensed mortgage loan originator was the best decision of my life. I would do this again many times over. So I ask again, do you have what it takes to make the decision that changes your life? It can be hard to finally pull the trigger on the decision, risking everything you have for a chance at something better. But with proper planning and the right motivations, it can be done. I hope my experience not only encourages readers to take the chance on a better life but also consider the mortgage or real estate industry.
A Career As a Mortgage Loan Originator You Control Your Destiny
It is a job where you are in control of your destiny. You can be a millionaire or a nobody, but with the proper networking and work, you can ensure that you end up as the former rather than the latter. And what kind of person is fitter for the challenge of having their whole destiny in their own hands than someone willing to go all in on an “all or nothing”?
This blog on How To Get a Mortgage When Relocating With a New Career as an MLO Was Published on January 23rd, 2023.
