If you want to have drama and a home loan die, make a few of the mistakes we want to outline for you. One will likely do it, actually. Over the course of the last year, we have observed some of the things that are causing the most trouble for people and their mortgage financing. In plain English, we will spell it out for you. Share it with friends and family and save them disappointment and frustration.
1. Job change/loss. You can’t really do anything about an unexpected job loss, but you could wait a little longer to make that leap to another employer. It would be an expensive decision to change employers because underwriters don’t like seeing that. It makes the file feel less sure because the steadiness of the employment history is disrupted.
2. Any increase in debt could be an unforgivable sin in the mind of the person reviewing your file. It changes your ratios and maybe even the rate you qualify for. This is a dangerous game. Don’t play it!
3. If you have something to dispute with a creditor, hold off. This is a flag you don’t need.
4. Large sums of money appearing suddenly in your bank account will be a problem.
5. Choosing to remodel without permits is a mistake to avoid.
6. Try hard to be objective. Having an unfortunate and unrealistic idea of what your property is worth makes the list of deal killing tactics.
7. There are rules about “flipping” which must be followed because non-compliance is not something that will skate by in 2012.
8. When divorce proceedings begin, the stability of the situation is upset on a financial level as well.
9. Any previously unmentioned liens or judgments will be brought into the light and will cause trouble.
If you have questions about any of the information explained here, please feel free to contact us. We love helping our clients, and we know a lender who is the best in the business. The first step is always to chat about your situation. Get in touch!
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