5 Things That Can Mess Up your Home Purchase

Real Estate Agent with Keller Williams Realty Southwest S.0074877
5 Things That Can Mess Up your Home Purchase
Our lender once shared a story about a client that quit his job a week before close of escrow.  He didn't tell anyone about his big change as he figured it wasn't a problem.  On the day that the home was suppose to close, the lender made one last check with his old employer to confirm employment.  When they realized he had quit, they stopped the funding and cancelled the loan instantly, as he could not qualify any more. 
It is never a good idea to make big changes during escrow.  Here are five things that can cause problems with your lender when purchasing a home.

1. Buy a car - or anything big.  
Big purchases can change your credit picture.  It can effect your credit score and your debt to income ratio.  Either way, it is always safer to save all big purchases for after your home closes.  
2. Get a New Credit Card
Even something as simple as getting a new credit card can cause problems with your loan.  Basically, anything that changes your credit 'picture' is a cause for concern.  
3. Pay Bills Late
Paying a bill late can also cause your credit score to change.  That means your interest rate on the new loan may go up.  It could also put your loan in jepardy.  It is never a good thing to pay a bill late.  During escrow, even an innocent mistake can cause big problems.

4. Move Cash Around
Lenders have to source all funds for a loan.  That means they have to show where it all came from.  When you move large amounts of money around, it can raise red flags and cause delays with your loan.  Always consult your lender before making any financial changes.

5. Change or Quit Your Job
If you have a job change coming up, be sure to let your lender know as soon as possible as it can cause a problem or a delay in your loan.  As the example above shows, quiting your job during escrow is also never a good idea.  However, sometime it is unavoidable.  So the best defence is to always notify your lender of any changes - even the possibility of a change.  That way you can be prepared.  
Our preferred lenders are on standby to help you answer any questions.  Feel free to give Lisa Czajka at Evergreen Home Loans a call at (702) 900-3955.

Written by Jimmy Chickey

This Blog republished with the permission of the author.  Originally published at www.mylasvegashomesearch.com

Jimmy Chickey is a nationally recognized author, trainer and technology based real estate agent.  
As a partner in the Jamie Cox Group at Keller Williams Realty Southwest in Las Vegas, he loves sharing 
tips and ideas that have worked in his award winning real estate career.
Partner in The Jamie Cox Group
Serving the greater Las Vegas Valley, including Las Vegas, North Las Vegas, and Henderson.
Buyer Specialist 702-482-7799 Seller Specialist 702-487-0000
I believe that Keller Williams is a great place to grow as an agent and build a team.  
If you would like more information on joining KW in your city, email me so I can share my story with you.
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Comments (3)

Stefan Winter
Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV
Owner - Winter Group & Real Estate Web Tech

All 5 are very true and I talk to my clients about these before we ever see homes. A little common sense, but some people just do not know. Have a great weekend!

Oct 30, 2015 04:47 AM
John Pusa
Glendale, CA

Jimmy - These are very important tips to know can mess up a home purchase.

Oct 30, 2015 09:33 AM
Jimmy Chickey
Keller Williams Realty Southwest - Las Vegas, NV
Realtor, Nationally Recognized Author, Teacher

Thanks John Pusa .  Luckily, I haven't lost a deal because of these things.  However, I know of others who were not so lucky.  

Oct 30, 2015 09:35 AM