NASHVILLE, Tenn. (WKRN) — With corporate layoffs making headlines this year, News 2 asked the experts what you should do if you lose your job while you’re buying a home.

“It is definitely a scary, startling thing,” said Amanda Peterson, a real estate agent with The Ashton Real Estate Group of RE/MAX Advantage.

According to Peterson, if you get laid off while closing on a house, communication with both your agent and lender is key.

“The solution will be faster, no matter what, if you just say immediately, the second it happens, ‘We’ve lost a job here. What are our next steps?'” she explained.

Peterson said the agent and lender will help you decide whether to write a letter that financing fell through and the deal is off, pivot to a different loan, or possibly continue with the sale, depending on your entire financial portfolio.

“Sometimes people can get a job immediately,” Peterson said. “Maybe it’s not their dream job, but maybe they were like, ‘Well, I lost this job, but already three other people have been calling me in the past couple of weeks, so I’m moving directly into this next job.’ Same pay scale, same type of job, and it really just doesn’t affect it as much as anything else.'”

No matter what, the real estate agent urges you to avoid panicking and racking up the credit card.

“Sometimes, when you’ve lost your job, you start to kind of get a little bit worried, and so maybe, not thinking, you put stuff on your credit card,” she explained. “But in any deal, when you’re buying a house, don’t use your credit. Wait until you’re done.”

According to Peterson, if you lose your job close to the closing date, it still may be possible to buy the home. You just might have to push the closing date further out.