What lenders want to see
Lenders want income that's stable, likely to continue and easy to document. They often look for about a two-year history in your line of work. That doesn't necessarily mean two years at the same employer. Moving to a similar job in the same field usually counts as continuity.
Your debt-to-income ratio still matters too. A pay change can change how much you qualify for.
Common situations
- Same field, same type of pay, similar or higher amount: usually fine with an offer letter and a recent pay stub.
- New field: lenders may want more history, or a link between your training and the new role.
- Commission or bonus pay: often needs a two-year history to count fully.
- Self-employed: usually two years of tax returns. CapCenter uses your returns instead of W-2s.
- Pay cut: may lower how much you qualify for, but doesn't necessarily stop a refinance.
Documents that help
- A signed offer letter showing your role, pay and start date.
- Your first pay stub from the new job, or the most recent 30 days of stubs.
- W-2s for the last two years.
- A short written explanation of any gap in employment.
- Contact details for your employer's HR or payroll team.
Verification before closing
Lenders usually confirm your job again shortly before closing, often with a call or a verification service. If you change jobs, lose a job or switch to a different pay structure while your loan is in process, tell your loan consultant right away. A surprise at verification can delay closing or change your approval.
If your income changed type
The biggest questions usually come when the way you're paid changes, not just the employer. Moving from a base salary to mostly commission, from W-2 pay to contract work, or from a job to your own business can mean lenders need a longer track record before they count the new income in full.
In some cases, a lender may count only your base pay until you have enough history with bonuses or commissions. That can lower how much you qualify for, even if your total pay went up. It doesn't necessarily stop a refinance, especially if you're lowering your rate on a loan you already have.
Timing tips
If you know a job change is coming, it can be simpler to refinance first, while your income history is steady. If you've already started a new job, waiting for your first full pay stub can make documentation easier.
Avoid changing jobs between application and closing when you can.
Getting started
Talk with a loan consultant about your situation before you apply. They can tell you which documents to gather and whether your new income is likely to count in full right away.