Four Things To Avoid When Purchasing a Home
There are four major things to avoid right before applying for a loan and during the loan process. Any one of these four things can greatly impact your ability to qualify for a mortgage loan. Do not do any of the following until after your loan has closed:
1) CHANGE JOBS Changing jobs during the loan process can create a problem in qualifying you for a loan, especially if that job is in a different line of work or at a lower income. Gathering verification information for the new job during the loan process can also create delays.
2) SWITCH BANKS OR MOVE YOUR MONEY AROUND It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even into a new account can interfere with the verification process.
3) PAY OFF BILLS Your loan officer will advise you if it is necessary to pay off bills to help you qualify for a new loan. He or she will also instruct you on the best way to pay off bills to ensure receipt of evidence needed to prove the bills have been paid.
4) MAKE A MAJOR PURCHASE Many borrowers make the mistake of buying a new car, some furniture or making another major purchase without realizing the impact it can have on their ability to buy a home. A large monthly payment can affect the amount of home you qualify for and the loan process itself may not be as smooth and successful as it should be. If you've already prequalified for a loan and feel that any of the above items are unavoidable, please contact me and I will advise you of your options.