What To Do and Not to Do When Purchasing a House
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Once you are pre-qualified and the loan application is submitted, the underwriters base your loan approval on income, debt ratios, assets and liabilities as listed on the application and confirmed on the credit report.
If anything changes it could adversely affect your loan approval.I have heard of circumstances where people have new furniture, and TV’s but could no longer qualify for the home in which to put the stuff. If you have any questions regarding what to do and not to do, please call me.
Let my experience work for you. Thank you for placing your trust in me.
DO * Keep your paystubs' & bank statements. You may need to provide updated documents before the close of escrow.
* Ask me! You will get opinions from family, friends, co-workers, the news, etc. Remember, I am licensed to handle your loan - and all of your questions.
* Be as available as possible. Your team may consists of a realtor, escrow officer, home inspector, and possibly others. The more you're available, the faster we can complete the process.
* Stay positive! The home-financing experience can be strenuous. Remember to ask me as many questions as needed! I am here to help!
* Don't change your job status without discussing the ramifications with me. It is phone-verified on the day of closing. Some changes can result in an immediate decline.
* Don't allow anyone to pull your credit. You are plugged into a debt monitoring system & each inquiry will need to be explained.
* On that note, don't make any major purchases, ie. furniture, cars, electronics, appliances until after we close.
* Don't make any non-payroll deposits into your bank account that cannot be sourced and documented.
I can walk you through the pitfalls of getting a mortgage. Call us at 623-202-3142.