Hello Everyone,
You have contacted a realtor, you realtor sends you to a lender to get pre-approved, you get pre-approved now you are looking for a home. Since the crash of the market some years ago the lending laws and restrictions have changed a lot making it hard to get home loans. With that being said there are many things that you may want to refrain from doing to make the loan process a lot smoother as fast for yourself. From the time you are pre-approved until you close on your new home you should refrain from the following things: Major Purchases, Large Deposit into any of your bank accounts, late payments on credit cards, car payments, or anything that can affect your credit in a negative way.
When I say major purchases you may think “Hey what’s a major purchase” I would go as far as to say don’t even buy furniture for your new home until after you have closed the deal. If it’s not necessary don’t do it because your loan officer will contact you and ask for some type of explanation in writing may even ask for you to have it notarized. The same goes for any large deposits and late payments well let’s say you need a 620 for a FHA loan and you’re at a 635. Well that late payment depending on how many lines of credit you have, could drop your credit below 620 and ultimately cost you your home.
Comments (3)Subscribe to CommentsComment