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Four Mistakes To
Avoid When Purchasing A Home
There are four major
actions to avoid before applying for a mortgage loan and during the loan process
itself. Any one of these four things could impact your ability to qualify for a
mortgage loan so it is critical to avoid any of them until after your loan has
closed or your loan officer has advised you.
- Do Not Change Jobs
Changing jobs before or during the loan process can create a real problem in
qualifying you for a loan, particularly if that job is in adifferent line
of work or at a lower rate of pay. During the loan process, changing jobs
can also create time delays while the new employment is verified.
- Do Not Switch Banks or Move Your Money Around
It is best to leave your money right where it is until your loan is closed.
Moving your money to a new bank or even into a new account can create
problems with the verification process.
- Do Not Pay Off Bills
Your loan officer will be able to advise you of your qualification status
and advise you of the permissibility of paying off bills in order to qualify
for a larger loan.
- Do Not Make Any Major Purchases
Many borrowers make the mistake of buying a new car, furniture or making
another major purchase without realizing the impact it can have on their
ability to buy a home. A large monthly payment can affect the amount of home
you qualify for and, during the loan process itself, make loan approval more
difficult to secure.
If you must take any of these actions, contact your loan officer. He or she can
help you by pre-qualifying you, if necessary, and advising you of your options.
A successful loan closing will be your reward! There are Three
More Mistakes to avoid!
I also have a Free report "Buying
your First Home" available by email.
As a
Certified Mortgage Planning
Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.
New! View
my
Wealthbuilder presentation and learn the safe way to manage your debt
and fund your retirement.
I hope the information on this page was useful to you. Please scroll down
to view my
Mortgage Market Guide. It is a weekly publication explaining the financial markets
from a consumer's perspective that is available on this website or by
email subscription. I have nearly 8,000 subscribers today and would be happy to have you as
well.
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