Buyer, Thou Shall Not . . .

said on May 15th, 2013 filed under: Real Estate Nuts and Bolts

There are 5 Absolute Do Not’s When Purchasing A House. The 5 Absolute Do Not’s When Purchasing A House below are so important that anyone one of them can easily bring a Loan Approval and Closing to a screeching halt. The 5 Absolute Do Not’s When Purchasing A House are:

  • DO NOT go out and buy a new car, or furniture or ANY other large purchase. The new payment could disqualify you from being able to qualify for the mortgage.
  • DO NOT stop making payments on your bills such as credit cards, student loans, car payments, rent, utilities, etc.
  • DO NOT apply for new credit cards while your mortgage is being approved. This could lower your credit score, and if your credit is checked again before the Closing you may no longer qualify.
  • DO NOT make large deposits or withdrawals that you cannot document.
  • DO NOT quit your job, even if it is for a better one. A change in jobs will mean that you will have to produce 30 days      worth of paystubs for the new job, and this could delay your Closing.

When purchasing a home, if there is ANY doubt on whether to do something or not, CALL your Loan Originator and ASK. The few minutes that it takes to make a quick simple phone call, could save hours of delays and problems later on . . .

or worse . . .

the mortgage being denied.

(This article is slightly shortened form is re-blogged from an ActiveRain post by George Suoto.  Here is the link to his original article.)

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  1. Deanne Gutierrez

    Great tips, most people don’t even consider this. It so easy to get caught up in the excitement of buying a home and wanting everything ready (and new) when you move him. Great advice to hold off until after the close of escrow!

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