depending on the mortgage type, and may also depend on your insurance or taxes. THINGS THAT CAN DISRUPT YOUR DEAL Until the closing statement is signed by both you and the seller, nothing is certain. Here’s a list of common areas that buyers don’t think about, but that can lead a lender to move from a “yes” to a “no,” even if they seem insignificant to the buyer. + + BE CAREFUL WITH BIG PURCHASES. Although it might be tempting, avoid charging your credit cards with thousands of dollars for furniture, appliances, and décor right away, especially for items that aren’t necessary. These actions can look suspicious and threaten the deal, as the lender could suspect you’re using funds reserved for mortgage payments + + BE RESPONSIBLE AND ON TIME. Turn in all required paperwork on time. Don’t be late to the closing — make sure you have time to review the closing statement carefully. + + REPORT EXTRA INCOME. If you’ve received money from family or friends, this must be cleared with the lender earlier in the home-buying process, otherwise these amounts can be considered as debt. + + BE CAREFUL ABOUT YOUR EMPLOYMENT. If you suddenly change jobs or switch positions during the home-buying process, the lender might call the whole thing off, as the original deal was made with your employment and level of income in mind, especially if the move from full time to part time, or from a salary to a commission-based income.
169
Powered by FlippingBook