Here's What Happens When You Lose Your Job Before Your Mortgage Has Closed

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• If you lose your job before your mortgage is finalized, your lender might pull your loan until you're employed once again.
• In that situation, you should reach out to your lender and discuss your options.
• You may be able to pause your application or modify it to borrow less.

There are different factors mortgage lenders take into account when approving (or denying) home loan applications. One such factor is your credit score, and the higher it is, the more likely you are to gain mortgage approval. Another factor is your income, and that makes sense.

Many people borrow hundreds of thousands of dollars to finance a home purchase. Your lender is apt to want reassurance that you'll be able to pay back your mortgage over time. And showing your lender that you're employed is a good way to give it that confidence.