Have you ever lost a deal because the financing fell through?
There are a few things you need to know if you are buying a home and financing the purchase. By following these pointers you can avoid losing the home you want to buy!
o DO NOT CHANGE YOUR MARITAL STATUS - How you hold title is affected by your marital status. Be sure to make both your lender and the title company aware of any changes in your marital status so that documents can be prepared correctly.
o DO NOT CHANGE JOBS - A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.
o DO NOT SWITCH BANKS OR MOVE YOUR MONEY TO ANOTHER INSTITUTION - After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.
o DO NOT PAY OFF EXISTING ACCOUNTS UNLESS YOUR LENDER REQUESTS IT - If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.
o DO NOT MAKE ANY LARGE PURCHASES - A major purchase that requires a withdrawal from your verified funds (such as a car) or increases your debt can result in your not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your loan approval.
If this brings up any questions for you, please do not hesitate to call us or your lender.
