you consider fit and without restrictions. In other cases, however, the terms of prepaying a loan may be strict and have a penalty attached for those planning on prepaying their mortgage. These terms are detailed in the prepayment penalty disclosure section of the documents. Be sure to examine the documents carefully.
THINGS THAT CAN DISRUPT YOUR DEAL
Nothing is certain until the closing statement is signed by both you and the seller. The deal might fall apart from one day to another. Here’s a list of common mistakes that may seem insignificant for the buyer at the first glance, but for the lender, it 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, or it could adversely affect your ratios. DO NOT BUY ANYTHING OTHER THAN GAS OR GROCERIES UNTIL AFTER CLOSING, unless you run it by your lender first, and then make sure you get their response in writing ... email is acceptable. 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, more commonly known as gift funds. This kind of income should be cleared with the lender at the first meeting so
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