You've negotiated a great deal and you can't wait to move into your new home. You know that you should get a home inspection, an inspection on the heat/air but what are some of the things you
SHOULD NOT DO.
Change Your Marital Status
How you hold title is affected by your marital status. So if this new property is going to be your the home where you and your new spouse home, make sure your lender and the title company are aware. They need to know to insure that all the proper documents can be prepared.
Change Your Job
A job chance may result in your loan being denied, particularly if you are taking a lower-paying position or if you are being a new career path. Don't think you're safe because you've received an approval earlier in the process. In most cases the lender will call your employer to re-verify your employment just prior to funding the loan.
Switch Banks or Move Money to Different Institutions
After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.
Pay Off Exiting Accounts/ Open New Accounts
Unless your lender requests you pay off certain bills, you should leave your accounts as they are until closing. Never open credit accounts, this may change your credit and may cause your loan to be denied. Lenders will pull another credit report prior to closing, and if you have more debt (another charge card) you may not qualify for the loan.
Make a Large Purchase
A major purchase that requires a withdrawal from your verified funds or increases your debt can result in you not qualifying for the loan. A lender will check your credit or re-verify funds at the last minute prior to closing, so avoid purchases that will impact your loan approval.
A good rule of thumb.
If you are going to do anything that may impact your finances call your lender prior to doing it. It may save your dream house.
When looking for the right real estate answers call the pros at Diane O and Friends.
We will assist you with finding the right property and getting it for the right price. We have a network of real estate pros in the financial, insurance and title industries.
For more information about Diane O and Friends and our real estate services please
fill out the online contact form or give us all call.
Office: 615-371-1544
Diane Cell Phone: 615-406-2184
Mandy Cell Phone: 615-477-6959
Fax: 615-472-7931
When looking for the right Title Insurance answers call the pros at Touchstone Title & Escrow
At
Touchstone Title and Escrow, LLC, we realize your home is your most valuable asset. We understand the stress associated with purchasing or refinancing a home and are available to answer any questions or concerns you may have regarding your settlement. Our staff of dedicated professionals will guide you through the entire process and will assure that you are protected against adverse title claims or risks long after your settlement.
Click here to contact us or call us at:
Kim Hollingsbead
Attorney at Law
Office 615-371-2299
Fax 615-371-2293
Kim@TouchstoneTitleTN.com
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