insignificant for the buyer at the first glance, but which, for the lender may mean a “yes” or a “no.” Be careful with other big purchases while trying to obtain a mortgage. Avoid charging your credit cards with thousands of dollars for unnecessary things. Buying furniture or opening a new line of credit may threaten the deal, as the lender may suspect that you’re cutting funds reserved for the real estate payment. Never make any major credit purchases from the time you apply for a mortgage loan until it actually closes and you move to the house. That can cause unnecessary stress on your loan approval as lenders will run your credit just before you close on a purchase, to make sure you still have the same ratios that they qualified you for in the beginning. If something changes, they may not approve the loan, and you’ll risk losing the deal. It’s highly important to act responsibly and turn in all the required paperwork on time. Ensure you have enough time to review the closing statement; don’t be the reason the signing is delayed. One more detail involves the money you receive from family or friends. This kind of income should be cleared with the lender early in the process, in order for the sums to avoid being considered as further debt. Another way to delay the closure is by changing jobs or switching positions. These actions are highly questioned, especially if they lead to your main income no longer based on a monthly salary, but on commissions or performance bonuses. The unstable nature of a commission-based income might threaten the deal.
10 THINGS TO KNOW IF YOU'RE CLOSING A HOME DEAL FOR THE FIRST TIME
111
Powered by FlippingBook