Four Things To Avoid When Purchasing a Home

There are four major things to avoid doing before applying for a loan and during the loan process itself.  Any one of these four things can greatly impact your ability to qualify for a mortgage loan so it is critical to avoid doing any of the following until AFTER your loan has closed:

1. DO NOT CHANGE JOBS
   Changing jobs during the loan process can create a real problem in qualifying you for a loan, particularly if that job is in a different line of work or at a lower rate.  During the loan process, it can also create delays as the new job will need to be verified.  Please consult your loan officer before any changes are made.


2. 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 wreck havoc with the verification process.  Please consult your loan officer before any changes are made.


3. DO NOT PAY OFF BILLS
   Your loan officer will advise you if it is necessary to pay off bills to help you qualify for a new loan.  They will also show you the best way to pay off bills to make sure we have the evidence we need to prove that the bills have been paid.


4. DO NOT MAKE ANY MAJOR PURCHASES
   Many borrowers make the mistake of buying a new car, some 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 the loan process itself  may not be as smooth and successful as it should be.

If you must do any of the things listed above (even if you've just been pre-qualified for a loan) contact your loan officer.  They can help you by re-qualifying you if necessary and advising you of your options.  By avoiding these four things, you can look forward to a successful loan closing.