7 Things NOT To Do When Buying A Home

Filed Under Home Buyer and/or Seller · Tagged:  

Don’t buy or lease an auto

Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

Don’t move assets from one bank account to another

These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

Don’t change jobs

A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.

Don’t buy new furniture or major appliances for your “new home”

If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet the closing costs.

Don’t run a Credit report on yourself

This will show as an inquiry on your lender’s credit report. Inquiries must be explained in writing.

Don’t attempt to consolidate bills before speaking with your lender

The loan officer can advise you if this needs to be done.

Don’t pack or ship information needed for the loan application

If you are relocating, important paperwork such as W-2 forms, divorce decrees, and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.

 

This information was made available by Bruce Howard, Landover Mortgage, phone: 503-201-2083 brucehoward@landovemrortgage.com

 

 

October 26, 2009 by beebedou : No Comments

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