This is a question we get quite a lot. A buyer will call up and say, “Hey Mortgage Brothers, I’ve been working for this company in Virginia for years. I’ve been remote, but I’ve got family in Arizona and I’m thinking of moving. Can I actually move to Arizona and work there? And can I get a mortgage?”

Well, the short answer is YES!

Do a lot of our borrowers work remotely?

Remote work, especially during the time of COVID, is getting more and more common. We’d say that maybe 5% of our borrowers work remotely, and we’re happy to see and help that number keep rising. If you’re thinking about getting a home here in Arizona and work from home, you can save yourself some reading time and give us a call at (602) 535-2171 and we’ll start getting you squared away today. That being said, it’s totally possible to get a mortgage while working remotely or from home. You just need to meet some requirements from an underwriting standpoint, which we’ll get into shortly.

Do I need to talk to my employer?

Absolutely. This is one of the most important pieces of the puzzle. You’re going to need to get documentation from your employer that states certain things. We understand it can be scary. We had a borrower recently that was worried they might lose their job if they asked their employer to let them work exclusively remotely. But, the consequences of not asking can be equally as high. Plus, many underwriters won’t be willing to work with you if you don’t have a signed letter from your employer.

How do I talk to my employer about moving?

This all comes down to having a great conversation with your boss or supervisor to make sure that they’re okay with you moving out of state or working remotely. If you work for a larger company, there’s likely a human resources department you can discuss this with. Many companies have boilerplate agreements that address this issue.

As well, to get an underwriter to sign on you’re going to need to get a signed and dated letter from your employer that covers the terms of your employment. It’s also going to have to state that it’s okay for you to move to the location you are looking to live. And, for the state of Arizona, at least, it has to mention what your salary will be or what your current pay rate is. They will have to tell us when your start date will be, if you’re not working there already, and what your job position is. As well, this can’t be temporary nor can there be any strings attached, such as benchmarks you must hit to be allowed to continue to work remotely.

Does remote working impact investment properties?

Not really, this is mainly for primary homes. But if you have any questions about remote work and investment properties you can shoot us an email at team@azmortgagebrothers.com and we’ll get right back to you.

What if I’m self-employed?

That’s a different scenario but not a problem in most cases. If you meet certain requirements it’s easy. If you’re self-employed and looking for a mortgage give us a call at (602) 535-2171 and we can get right to helping you.

As always…

We’re happy to help walk you through getting the second home or investment property squared away. If you have any questions about this or if you have any questions you’d like us to answer on our podcast, you can email your questions to team@azmortgagebrothers.com or give us a call at (602) 535-2171. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

•••

Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.

Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.

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