Hello Mustachians, I need some advice, especially from anyone with experience in mortgages/refinances:
So a few months ago I interviewed for a new job at Big Corp and was told shortly thereafter that it went very well. I called a few weeks later and was told the process was still ongoing. Flash forward 2 months to the beginning of August and I had never heard back so I assumed I didn't get it. I decided to refinance my mortgage to increase my monthly cash flow a little bit (I wasn't looking at other jobs for the moment). This past week I got a call from Big Corp giving me a contingent offer, followed by a brief meeting where they laid out the offer in detail. The money, benefits, and position is a major improvement over my current position. After a couple days and questions I accepted the position.
Now the rub, which I realized when I accepted the position. I am scheduled to close on the refinance during the first week of September, and I was told it could take 30-40 days to get through the background checks and start the new position, putting the likely start date somewhere around 9/20 thru 10/1. I called the mortgage lender to ask "hypothetically" what would happened if I got a new job somewhere around the close date (this may have been a mistake). I was told it could obviously really screw up the ability to verify employment and thus screw up the refinance, though they may be able to have the new employer verify employment or extend the close date potentially long enough to get a new paystub. He also mentioned that they would likely see a hard credit pull as part of a company's background check, but he also mentioned they don't see soft credit pulls. So after that conversation I spoke with security from Big Corp and they said it's only ever a soft credit pull that they do.
So at this point it seems feasible that I could go to close and pretend like a new job is not a few weeks away. However my understanding is that I must sign a document saying that employment will not change for 30 days. I also know that this lender immediately resells mortgages in large batches, so if the new loan owner does a random quality check on mine and finds a new employer there could be issues for my lender and perhaps then issues for me?
My question is this: Can I be held liable for some sort of fraud if they discover the employment change after closing, or are they up a creek? Would they just realistically contact me and ask for updated employment information instead?
At the end of the day, I would probably have to eat somewhere around $1,500 if the refinance doesn't go through prior to close because my new employment screws it up. However my new job makes up for that in about a month or so.
I would prefer to be honest and upfront, but the guy I talk to seem to suggest strongly, despite the work arounds mentioned, that they would just pull the plug and walk (which seems stupid to me, but hey). The main threat is I don't know what happens if they discover my change in employment post-close, so do any mortgage people here know?