Be careful with 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 into funds reserved for the real estate payment. PLEASE, PLEASE, PLEASE go over these issues with your loan officer so you don't accidentally cause delays or kill your deal. Now is not the time to buy a new car, take an expensive vacation, or buy new appliances! Wait until after you close on your house. 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 concerns 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. Avoid moving money around from account to account. Your lender may expect you to prove where those funds came from, so you may end up having to order statements from your bank, potentially causing a delay. It sounds crazy, but it happens every day to buyers trying to close on properties. Another way to delay the closure is to change jobs or switch positions. These actions are highly questioned, especially if they lead to your main income no longer being 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 FIRS R THE FIRST TIME
#1. Hire a Closing Attorney
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