Are you buying a home for sale in Lancaster PA? It is an exciting time. Let’s assume you have an inspection report in your hand and have accepted it. You have made it through your inspection contingency and have now removed it from the contract. The home has appraised and you are simply waiting for the clear to close from the mortgage company.
Nothing can go wrong, right? If you assume that nothing can go wrong,
you have assumed something which is inaccurate. You do not want to do anything which may negatively impact your credit, nor do you want to quit your job.
Recently, I am aware of a client who was a buyer of a home for sale in Lancaster, PA. This client decided to quit her job. This all transpired right before settlement. The mortgage company called the employer to confirm employment and the employer responded, “No!” Without this woman’s employment the couple could qualify for the mortgage. Fortunately, this woman convinced her employer to take her back and eventually this dilemma was positively resolved.
Even if the mortgage company had not received the information regarding this woman’s employment, there is a form at settlement which the buyer needs to sign. This form asks if there has been any change in employment. If the buyer lies, the buyer is most likely guilty of fraud. One word of advice, “Do not quit your job before settlement!”
For more advice in buying homes for sale in Lancaster PA, give me a call!