Roadlocks to Avoid When Getting a Mortgage

Roadblocks to Avoid When Getting a Mortgage

You’ve applied for a mortgage and are going through the process, when all of a sudden you get a call from your lender telling you that you are no longer qualified for your new home because you bought a new truck.?You think, how can that possibly affect me buying a home??The reality is that there are several things that will sideline your home loan and knowing what to avoid is critical to remaining qualified and closing on your home on time.?Let’s look at some potential roadblocks to avoid.

Large purchases: We know you want to furnish your home but please wait until after you have closed on your home.

Major life changes. If you’re considering a change in careers, marital status, or even a long vacation, talk to us first so we can discuss how it may affect your loan.

New credit: Credit cards may offer points bonuses or offers for short term savings but opening new cards can have a negative impact your credit score and you don’t want that right now, so don’t open any new credit cards.

Random deposits, especially cash: Deposits into your bank account need to be documented properly to prove that they are not counted as borrowed money. If you have cash around that you want to deposit into the bank, please wait until after closing to deposit it.?If you are going to use cash or any gift funds for your closing costs, be sure to communicate with your lender so they can be sure to properly document and season your funds.

Late payments: Your credit may have already been checked, but it will likely be checked again later on in the process. It’s important that you stay current on all of your accounts.

Most importantly, come to your lender with any questions, they are always there to help.