Here are some common mistakes to avoid during the home buying process to make sure your transaction goes smoothly!
Don’t Make an Expensive Purchase
It’s best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing large purchases with a credit card could bring your credit score down.
Using cash to purchase high-ticket items can also create a problem, because many banks take your cash reserves into consideration when approving your mortgage.
Don’t Get a New Job
Lenders like to see a consistent job history. Generally, changing jobs will not affect your ability to qualify for a mortgage loan if you'll be making more money. But, lenders usually look for stability. Changing jobs during the loan approval process could raise some concern and affect your ability to gain loan approval.
Don’t Switch Banks or Move Money Around
As your lender reviews your loan package, you will be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account could make it difficult for the lender to document your funds.
Don’t Disregard Your Lenders Requirements
Even if you have been pre-approved for the loan, your lender will still need copies of your bank statements, W2s and other paperwork. It is up to you to provide all necessary documentation as soon as possible. Failure to submit certain qualifying documents could cause you to lose your loan and the financing you need to buy your home.
I hope these tips are helpful. Please feel free to give me a call if there's anything I can do for you.
Author:Keith Judish Phone: 623-224-7956 Dated: February 15th 2015 Views: 262 About Keith: O'Keith Judish licensed REALTOR® with West USA Phoenix AZ. We use advanced search technology for o...
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"O'Keith Judish is a remarkable realtor. Purchasing a house was a daunting experience for us. Keith guided us through this process from beginning to close of escrow and beyond. Keith appeared to be more interested in finding the right property for us than he was in closing a sale. This is highly unusual for the average realtor, but he is not your average realtor. Keith goes above and beyond what is normally expected. Throughout the purchase process, Keith remained in constant communication with us and with the bank. His reassuring and patient attitude was greatly appreciated, and the whole process went very smoothly. With the completed purchase came the need for a variety of other services as well. Keith has an extensive network of contacts and service providers, including home warranty plans, house insurance, property management, tradespeople and house repair, housecleaning, pool care and service, landscaping and many more. We are confident that he will be able to put us in touch wi"