a loan rejection.
Be careful with big purchases while trying to obtain a mortgage. Avoid charging your credit cards with thousands of dollars for unnecessary things. Do not buy a car, furniture or open a new line of credit during the processing of the loan. Doing so will typically rear its head just before closing when the lenders re-pull your credit report. Suddenly these new debts or depletion of cash reserves may throw you out of qualification. 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 into your bank account during the transaction. Make sure you keep a detailed paper trail of any gifts from family, sale of cars, etc. to prove any large deposits to a bank account to prove the deposit(s) are not the result of a new loan or debt. Also make sure you disclose and discuss any of these potential issues with your lender before you receive any money. Another way to delay or kill the transaction is by changing jobs or switching 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. Always be upfront with your lender about any of these issues that may be forthcoming so they can advise you on how to handle them properly so you can avoid anything that may disrupt a deal.
10 THINGS TO KNOW IF YOU'RE CLOSING A HOME DEAL FOR THE FIRS R THE FIRST TIME
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