Question: We are considering a career change that involves a long distance >relocation. We will be selling our current home and expect to profit >enough to make a 20% down payment on another home upon moving.
Answer: Nowadays there is a mortgage loan for practical every situation, but you’d want to avoid the ’subprime’ market unless you are prepared to take a hosing on the rate, points and terms..
Do you have a “job” in the new location, or does the “career change” involve something else? Reason I ask is, is you have good credit, a history of steady employment, and a 20% down payment, and you are ‘just’ moving to change “jobs”, seems like lots of bank would think that was pretty normal. However, it might be best NOT to wave the red flag in front of their face and say “ya know I have been an actuary for 10 years and I am now about to try being a feng shui designer”.
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