credit may threaten the deal, as the lender may suspect that you’re cutting funds reserved for the real estate payment. Wait until after closing to make those purchases. It’s highly important to act responsibly and turn in all the required paperwork on time. Keep within your promised dates according to contract. Ensure you have enough time to review the closing statement; don’t be the reason the signing is delayed. One more detail involves any money you receive from family or friends. The lender will want to know if this is a "gift" or if it has to be repaid. They will not look favorably on you taking on more debt to make this purchase other than the mortgage you are applying for. If you are making large deposits or moving money around, keep a paper trail. The lender is going to want an explanation. They will look at your bank statements. Any 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. If at all possible, do not change jobs while in the process of purchasing. If it's the same field and a promotion, more money and being paid the same way, that is acceptable.
10 THINGS TO KEEP IN MIND IF Y O KEEP IN MIND IF YOU'RE CLOSING A HOME DEAL FOR THE FIRS R THE FIRST TIME
#1. Escrow Company/Title Company
A title company is a contracted third party who receives and disburses money and documents for the primary transacting parties, with the disbursement dependent on conditions agreed
83
Powered by FlippingBook